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Return to profit by Lloyds may prompt second share sale Lloyds Bank's Antonio Horta-Osorio set for £1.7m bonus
(about 1 hour later)
Lloyds Bank has said it returned to profit in 2013. Lloyds Bank chief executive Antonio Horta-Osorio is in line for a deferred shares bonus worth £1.7m after the bank returned to profit.
Lloyds reported a pretax profit of £415m ($690m) for the first time since its £20.5bn bailout. The UK bank reported a pre-tax profit of £415m for the first time since its £20.5bn bailout. In 2012, Lloyds made a loss of £606m.
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.
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. 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.
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.
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.
Compensation
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 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.
That brings the total provision made last year for PPI compensation to £3.5bn. That brings the total provision made last year for PPI compensation to £3.5bn. Since new rules were brought in in 2011 to tighten up the selling of PPI, Lloyds has put aside a total of £9.8bn - more than any other bank - to cover compensation claims.
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.
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.
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.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.