Business Finance General News

British banking giant returns up to £4 billion to shareholders

lloyds banking group

Lloyd Banking Group, a British financial institution, made an announcement that it would return up to£4 billion (€4.6 billion) to its shareholder. This announcement comes after the company reported a 13 percent rise in profits for the fiscal year.

In 2018, the finance and banking giant has posted a pre-tax profit of £5.96 billion while its previous year the company had a pre-tax profit of £5.28 billion.

The company hiked its dividends by 5 percent to 3.21p per share and made a proposal for buyback of up to £1.75 billion. The investors in the company would get a return of up to £4 billion.

The company had an operating expense of £8.17 billion in 2018. The banking giant is expected to reduce its cost to £8 billion this fiscal year.

In this year, the company expects to increase its tangible equity from 14 percent to 15 percent.

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