Lloyds Financial institution posts 24 % revenue rise, unveils £1.75 billion buyback

FILE PHOTO – An indication hangs exterior a Lloyds Financial institution department in London, Britain, February 21, 2017. REUTERS/Toby Melville/File Photograph

LONDON (Reuters) – Britain’s greatest mortgage lender Lloyds Banking Group posted weaker-than-expected progress in annual earnings on Wednesday however boosted shareholders with a elevated dividend and a 1.75 billion pound ($2.28 billion) share buyback.

The financial institution posted internet earnings of 4.Four billion kilos for 2018, beneath expectations of 4.6 billion kilos, in accordance with a company-provided common of analyst forecasts. The determine was up 24 % from 3.5 billion kilos in 2017.

The bellwether FTSE 100 agency additionally unveiled an annual dividend of three.21 pence, taking whole payouts for buyers for the yr to round Four billion kilos.

Reporting by Iain Withers and Lawrence White, modifying by Sinead Cruise

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