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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.