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Return to profit by Lloyds may prompt second share sale Return to profit by Lloyds may prompt second share sale
(35 minutes later)
Lloyds Bank has said it returned to profit in 2013.Lloyds Bank has said it returned to profit in 2013.
Lloyds reported a statutory pretax profit of £415m ($690m) for the first time since its £20.5bn bailout. Lloyds reported a pretax profit of £415m ($690m) for the first time since its £20.5bn bailout.
Chief executive Antonio Horta-Osorio is in line for a deferred shares bonus worth £1.7m.
The bank has increased its overall pool of bonuses for all staff to £395m, up from £365m the previous year. In all, 78% of that pool is in the form of shares.
UK Financial Investments which manages the government's 33% stake, sold a 6% shareholding in the bank last September.UK Financial Investments which manages the government's 33% stake, sold a 6% shareholding in the bank last September.
The Chancellor of the Exchequer, George Osborne, has said he wants to sell more shares in the bank to the public before the next election in 2015.The Chancellor of the Exchequer, George Osborne, has said he wants to sell more shares in the bank to the public before the next election in 2015.
In 2012, Lloyds made a loss of £606m.In 2012, Lloyds made a loss of £606m.
Underlying profits in 2013 for the banking group rose 140% from £2.6bn to £6.2bn.Underlying profits in 2013 for the banking group rose 140% from £2.6bn to £6.2bn.
Chief executive Antonio Horta-Osorio is in line for a deferred shares bonus worth £1.7m. The bank put aside another £1.8m in the fourth quarter of the year to cover compensation to customers for the past mis-selling of Payment Protection Insurance (PPI) plans.
The bank has increased its overall pool of bonuses for all staff to £395m, up from £365m the previous year. In all, 78% of that pool is in the form of shares. That brings the total provision made last year for PPI compensation to £3.5bn.
The bank made £3.5bn more in provisions to compensate customers for past mis-selling.
It said it expected to apply to the regulator in the second half of this year to pay a dividend in 2015. Investors have not had a dividend from Lloyds shares since 2008.It said it expected to apply to the regulator in the second half of this year to pay a dividend in 2015. Investors have not had a dividend from Lloyds shares since 2008.
Lloyds rebranded and separated its other retail banking business, TSB, in September and is negotiating with the European Commission to sell it in a public share offering this year.