Lloyds posts loss, awards bonuses anyway
Hit by mis-selling bill.
Lloyds has posted a loss of £570m after their mis-selling bill rose by £1.8bn.
The loss was mitigated by an otherwise good performance - underlying pre-tax profit rose from £638m to £2.6bn.
The mis-selling bill included the costs of PPI and the interest rate swap scandal, but despite the loss the bank said it had set aside £365m for staff bonuses and would give its CEO £1.49m in shares.
Here's the Telegraph:
The board said the conditions support the bank's aim of repaying the taxpayer and Mr Horta-Osório said the bank's "absolute focus" is to get taxpayers' money back and was very confident of doing so.
He said Lloyds was ahead with its revival plan and expected a further big drop in impairments this year and an increase in underlying profit.
Shares in Lloyds, which have risen 57p over the past year, closed at 54.47p last night.