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Thursday, February 13, 2014

Lloyds Returns To Profit

Lloyds bank (which is 33% owned by the taxpayer) returned to profit in 2013, it made a pre-tax profit of £415M in 2013 compared with a £606M loss in 2012.

Antonio Horta-Osorio (its CEO) is entitled  to a deferred shares bonus worth £1.7M, and the overall pool of bonuses for staff has increased to £395M from £365M the previous year.

Lloyds expects to apply to the regulator in the second half of this year to pay a dividend in 2015, its first since 2008.

The return to profit and the resumption of dividend payments means it likely that more shares will be returned to the private sector in the near term, all the more so because George Osborne has said he wants to sell more shares before the next election in 2015.

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