Lloyds Banking Group (LON:LLOY) reported a strong performance for the year, after the bank’s full return to the private sector.
After the government-led bailout during the height of the 2008 financial crisis, the tax-payer owned as much as 43 per cent of the 252-year old institution.
However, back in May of last year, the government confirmed the selling of the remainder of its stake, marking the first time the bank’s return to the private sector after more than 7 years.
Accordingly, the group has hailed it a “landmark year” as annual profits climbed 24 percent to a record £5.3 billion.
Lloyds also said its strong capital position would allow the £1 billion share buyback, worth up to 1.4p per share.
In addition, the bank took to raise dividends by 20 percent to 3.05p a share. As a result of the higher dividend and share buyback plans will produce a £3.2 billion return for investors.
Nevertheless, past controversies such as the PPI mis-selling debacle, continued to dampen profitability. The issue helped rack up costs of £2.5 billion, relating to past indirections.
Chief Executive, Mr Horta-Osorio said of the progress: “2017 has been a landmark year in which the group has made significant strategic progress and returned to full private ownership.”
Earlier this month, Lloyds hit the headlines after announcing a credit card ban on customers buying cryptocurrencies, in a blow to the emerging market.
The ban applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers, but it does not extend however, to debit cards.
This came amid growing concerns that the unregulated currencies decidedly volatile nature could result in customers racking up large sums of debts.
Shares in Lloyds are currently trading up 2.80 percent as of 13.24PM (GMT).