Home Business NewsBusinessBusiness Growth News ‘Landmark year’ for Lloyds as profits jump to record £5.3bn

‘Landmark year’ for Lloyds as profits jump to record £5.3bn

21st Feb 18 11:52 am

Find out here

Britain’s biggest mortgage lender, Lloyds Banking Group, has reported an annual pre-tax profit of £5.3bn, which is the largest profit since the group was formed in 2006.

The group’s revenues also jumped by 6 per cent to £18.5bn.

Chief executive Antonio Horta Osorio said 2017 had been “a landmark year”, and announced plans to spend up to £1bn buying back shares to reward investors. According to media reports, Osorio’s base salary has also climbed to £1.2m while his total remuneration package has been increased by almost 11 per cent to £6.42m.

On Brexit, the CEO said: “Although the precise nature of the UK’s future relationship with Europe remains unclear and the economic outlook is therefore uncertain, the economy has been resilient with low unemployment, stable house prices, record employment and GDP growth of 1.8 per cent.”

The high street lender also plan to invest £3bn in new technology and staff as part of a three-year plan focused on expanding its digital services.

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]