Home Business NewsBusiness Lloyds sees profit soar to its highest rate in a decade

Lloyds sees profit soar to its highest rate in a decade

22nd Feb 17 8:27 am

How did the bank do it?

Lloyds Banking Group has reported it highest annual profit in a decade, this was partly helped by a reduction in payment protection insurance (PPI) provisions.

Its pre-tax profits rose by 158 per cent to £4.24bn, a level like this hadn’t been seen since 2006.

Provisions for PPI fell from £4bn to £1bn.

The UK governments stake has now dropped by five per cent, it would like to see the bank go back to private ownership this year.

Group chief executive Antonio Horta-Osorio, said: “Given our UK focus, our performance is inextricably linked to the health of the UK economy which has been more resilient than the market expected post referendum, with GDP growth of two per cent in 2016,”

“The UK’s decision to leave the European Union means the exact nature of our relationship with Europe going forward remains unclear and the economic outlook is uncertain.”

“However, the recovery in recent years with low unemployment, reduced levels of household and corporate indebtedness and increased house prices means the UK is well positioned,”

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