Home Business NewsFinance Lloyds returns to profit and CEO Horta-Osorio will take bonus

Lloyds returns to profit and CEO Horta-Osorio will take bonus

by LLB Reporter
13th Feb 14 9:10 am

Lloyds Banking Group, 33% owned by the taxpayer, has returned to profit for the first time since it was bailed out by the government for £20.5bn.

The bank reported a full-year pre-tax profit of £415m – significantly better than the £606m loss it made in 2012.

Chief executive Antonio Horta-Osorio says Lloyds is now a “normal bank”.

He will take a bonus of £1.7m in shares this year, deferred for five years, Sky News reports.

Lloyds’ underlying profits in 2013 increased to £6.2bn, from £2.6bn last year.

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1 comment

Ivor Sutton February 13, 2014 - 4:15 pm

Given that the leadership at Lloyds banking groups is also responsible for failing PPI claimants in such and appalling way… only for them to be failed again by an adjudicator at the Ombudsman almost 18-months down the line, is it not obvious why Lloyds suddenly has the financial resources to be independent again? Back to their old fraudulent ways and Politicians keep silent all over again.

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