Lloyds posts lower annual profits as PPI weighs on results
) reported a 26% drop in annual profit on Thursday, hit by increasing bad debts and billions of pounds of customer compensation.
Impairments on bad loans spiked to 1.3 billion pounds, up from 937 million pounds the previous year, as weakening second-hand car prices hit its motor finance business and two large company failures hit its commercial division. Chief Executive Antonio Horta-Osorio remained upbeat despite the profit downturn, saying the economy remains “resilient”. Though there is uncertainty over Britain’s post-Brexit trading relationships, the country now has “a clear sense of direction”, he said.
The bank also announced a dividend of 3.37 pence per share, but the buyback some investors had hoped for was not forthcoming.
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