Lloyds Banking Group posted a pre-tax profit in 2013 for the first time since its government bailout and plans to restart dividend payments in the second half of the year.
Posting its final results for 2013, the bank reported a statutory pre-tax profit of £415m compared to a loss of £606m for 2012. Underlying group profit rose 140% to £6.2bn. However, with taxes included, Lloyds made a loss for the year of £802m, down from £1.4bn in 2012. The bank reported a charge for legacy business provisions totalling £3.5bn, primarily for PPI claims. As it stated earlier this month, Lloyds intends to restart dividends at a "modest level" in the second half of the year, and will have a dividend payout ratio of at least 50% of sustainable earnings in the medium te...
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