How much more will Lloyds Banking Group pay for sins of the past? The banking black stallion is supposed to be galloping towards recovery and privatisation yet today its first half results have been hobbled again by a £1.1bn hit for "legacy issues".
There's another £600m fine for PPI mis-selling - taking the total cost of the scandal to a whopping £10.4bn for Lloyds - the bulk of the £25bn cost for the whole industry.
The provision follows days after Lloyds was fined £226m by US and UK authorities for rate rigging. There are also costs related to the TSB sell-off.
The net result is a 60pc fall in pre-tax profits from £2.1bn last year to £863m this year.
Antonio Horta-Osorio, chief executive, has insisted that the bank is continuing to "successfully execute our strategy". He's pointed to the underlying health of the bank which shows a 32pc increase in profits to £3.8bn.
Investors will also be cheered by the news that Lloyds will ask the Bank of England for permission to begin paying dividends in the second half of the year - a development expected to herald the next stage of the Government sell-off. But regulators will be reluctant to give Lloyds free rein while bad news continues to tumble out each quarter.
However small would be like steroids to this share, and i cant understand why their holding it back, everyone would gain , including the taxpayer, there seems to some crooked plan in place or no plan which is even worse !.
It looks like the 3 p rise since last week was too much factored in on these results ,Lets face it they are poor results and all we are getting is jam tomorrow from the Lloyds Board.Until the put that Divi in place this share is drifting around the pond.
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