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Lloyds Banking Group Posts Strongest Full-Year Profits Since Global Financial Crisis

Lloyds Shares Hit Post Brexit Vote High After Full Year Profit and Dividend Increases

Lloyds Banking Group plc (LYG) - Get Lloyds Banking Group plc Sponsored ADR Report posted its strongest full year profits since the global financial crisis Wednesday and boosted it annual dividend to around £2.2 billion.

Full year pre-tax profit came in at £4.2 billion, the bank said, well ahead of the £1.64 billion booked last year but shy of the consensus forecast of £4.76 billion. However, once the costs of repaying fines and redress to customers who were mis-sold payment protection insurance (PPI), Lloyds said its full year underlying profit came in at £7.9 billion ($9.9 billion), down from £8.1 billion from 2015 but firmly ahead of analysts' forecasts of around £6.2 billion. Net interest income fell by around 0.9% to £11.4 billion, the bank said, while its net interest margin improved to 2.71%.

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