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Lloyds losses narrow to £570m in 2012 Lloyds losses narrow to £570m in 2012
(35 minutes later)
Lloyds Banking Group has narrowed its losses for 2012 to £570m, from £3.5bn the previous year. Lloyds Banking Group has narrowed its pre-tax losses for 2012 to £570m, from £3.5bn the previous year.
The group, which is 40%-owned by the government, said its losses were primarily because of making provisions for the mis-selling of payment protection insurance (PPI). The group, which is 40%-owned by the government, said its losses were primarily because of making provisions of £3.6bn for the mis-selling of payment protection insurance (PPI).
It set aside £1.5bn in the fourth quarter for PPI. This included £1.5bn set aside in the fourth quarter for PPI.
Chief executive Antonio Horta-Osorio was awarded a bonus of £1.5m in deferred shares.Chief executive Antonio Horta-Osorio was awarded a bonus of £1.5m in deferred shares.
These shares will not be released until 2018, Lloyds said.These shares will not be released until 2018, Lloyds said.
The total bonus pool at the bank fell 3% to £365m.The total bonus pool at the bank fell 3% to £365m.
Last month, Lloyds chairman Sir Winfried Bischoff said that employees' bonuses this year would be the "lowest undoubtedly of any bank".Last month, Lloyds chairman Sir Winfried Bischoff said that employees' bonuses this year would be the "lowest undoubtedly of any bank".
Last week, Lloyds was fined £4.3m for delaying compensation payments to customers over PPI mis-selling. 'Ahead of plan'
PPI mis-selling has already cost Lloyds about £5.3bn. On an underlying basis, which excludes one-off items such as the PPI provisions, Lloyds' profit more than quadrupled from a year ago to £2.6bn.
"The substantial progress we made in 2012 means that we are now ahead of our plan to transform the group, and this was reflected in our stronger underlying financial performance in the year," Mr Horta-Osorio said in Lloyds' annual results statement.
"Since setting out our strategy in June 2011, we have significantly strengthened the balance sheet and substantially improved efficiency and focus, while continuing to work through legacy issues.
"We are investing in our simple, lower-risk, customer-focused UK retail and commercial banking model, and in value-for-money products and better capabilities to continue to support UK households, businesses and communities."
Lloyds is the UK's biggest retail bank and has now set aside about £6.8bn to cover the mis-selling of the insurance.
Last week, it was also fined £4.3m for delaying compensation payments to customers over PPI mis-selling.