While one could conclude that today’s full year numbers are disappointing in terms of overall market expectations, the reality is the bank is in much better shape now than it was at the end of 2015, when its share price was above 70p, when it was less profitable, and its operating income was much worse.
In 2019 the Group has continued to deliver for customers while making significant strategic progress and delivering a solid financial performance in a challenging external market. While it is disappointing that this was impacted by the additional PPI charge in the year, as a result of this performance, the Board has been able to recommend an increased total ordinary dividend of 3.37 pence per share.
Given our clear UK focus, our performance is inextricably linked to the health of the UK economy. During 2019, UK economic performance has remained resilient in the face of significant political and economic uncertainty, supported by record employment, low interest rates and rising real wages. Although uncertainty remains given the ongoing negotiation of international trade agreements, there is now a clearer sense of direction and we remain well placed to Help Britain Prosper, support our customers and deliver strong and sustainable returns for shareholders.
Britain's biggest domestic lender Lloyds Banking Group reported a pre-tax profit of 4.4 billion pounds ($5.7 billion)for 2019, in line with analyst expectations. Profits were 27% lower than 2018 as nearly 2.5 billion pounds of previously announced provisions for compensating customers mis-sold payment protection insurance weighed.
The pre-tax profit compared to a 4.5 billion pounds average of analysts' forecasts compiled by the bank.
Lloyds announced a dividend of 3.37 pence but no share buyback.
LONDON (Reuters) - Fast-growing British digital bank Monzo plans to hire up to 500 people and forecasts it will get 5.5 million users this year, as it prepares to have another crack at charging some customers to turn a profit.
The loss-making firm has burned through cash to fuel growth and launch in the United States, but has had no problems raising capital and is valued at over 2 billion pounds ($2.6 billion).