Home Business NewsBusinessBanking News Lloyds Bank to give £4bn to shareholders

Lloyds Bank to give £4bn to shareholders

by Sarah Dunsby
20th Feb 19 9:06 am

Lloyds Banking Group have announced that shareholders are to receive up to £4bn, after the banking giant reported 13% hike in profits.

The bank reported pre-tax profits of £5.96bn for 2018, compared to £5.28bn in 2017.

The dividend soared by 5% to 3.21p per share, with a buyback of around £1.75bn which brings a total of £4bn to shareholders.

Antonio Horta-Osorio, chief executive of Lloyds Banking Group has warned the UK economy is uncertain.

Horta-Osorio said, “Over 2018 the UK economy has proven itself to be resilient with record employment and continued GDP (gross domestic product) growth.

“Although the near-term outlook for the UK economy remains uncertain, our strategy continues to deliver for our customers.

“I remain confident that with our unique business model and market-leading efficiency we can continue to increase investment in customer propositions and grow our leading digital bank, whilst at the same time delivering strong financial performance and market-leading returns.”

He added, “2018 has been a year of strong strategic and financial delivery, as we build on our unique capabilities to transform the group to succeed in a digital world.

“We have made significant progress against the priorities we set out at the start of the year when we launched the third stage of our strategic plan, which is supported by investment of more than £3 billion over the plan period.”

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