Published On: Sat, Jul 29th, 2017

Lloyd's Banking Group post biggest half-year profit for eight years

The UK’s biggest mortgage lender’s improving financial health enabled it to hike its dividend payout by 18 per cent as i

But shares fell 1½p to 67½p as it set aside a further £700 million in the second quarter for payment protection insurance misselling. 

It is also paying £283 million compensation to mortgage customers who incurred fees after falling behind with payments. 

Chief executive Antonio Horta-Osorio said: “We are well placed to help Britain prosper. The UK economy remains resilient.”

He went on to say: “Following the successful transformation of the Group to become a simple, low risk, UK focused retail and commercial bank, we have delivered another strong set of results with increased underlying and statutory profit and strong capital generation, whilst completing the acquisition of MBNA and returning to full private ownership.”

“Our differentiated UK focused business model continues to deliver, with our cost leadership and lower risk positioning providing competitive advantage. 

“Our strong financial performance and strategic progress continue to position us well for delivering our purpose of Helping Britain Prosper,”

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