Bailed-out British bank Lloyds posts surging profits

AFP, LONDON: Lloyds Banking Group announced soaring annual profits yesterday on lower charges linked to an insurance scandal, as it awaits a full return to the private sector following a state bailout.
LBG pointed to an “uncertain” economic outlook as Britain prepares to exit the European Union but said the UK economy was in good shape having performed better than expected following last June’s referendum in favour of Brexit.
The bank said its net profit surged more than four times to o2.0 billion ($2.5 billion, 2.4 billion euros) in 2016 compared with net profit of o466 million a year earlier.
“We have delivered strong financial performance in 2016 as we continue to make good progress against our strategic priorities,” group chief executive Antonio Horta-Osorio said in the earnings statement.
Lloyds is cutting 3,000 jobs this year, bringing to 12,000 the number of positions it has decided to axe since 2014, while—in a sign of its turnaround -- the bank bought Bank of America’s UK credit card division MBNA for o1.9 billion in December.

 

 

Bailed-out British bank Lloyds posts surging profits

AFP, LONDON: Lloyds Banking Group announced soaring annual profits yesterday on lower charges linked to an insurance scandal, as it awaits a full return to the private sector following a state bailout. LBG pointed to an uncertain economic outlook as Britain prepares to exit the European Union but said the UK economy was in good shape having performed better than expected following last Junes referendum in favour of Brexit. The bank said its net profit surged more than four times to o2.0 billion ($2.5 billion, 2.4 billion euros) in 2016 compared with net profit of o466 million a year earlier. We have delivered strong financial performance in 2016 as we continue to make good progress against our strategic priorities, group chief executive Antonio Horta-Osorio said in the earnings statement. Lloyds is cutting 3,000 jobs this year, bringing to 12,000 the number of positions it has decided to axe since 2014, whilein a sign of its turnaround -- the bank bought Bank of Americas UK credit card division MBNA for o1.9 billion in December.