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Lloyds Will Ask To Re-Start 'modest' Dividend Payments

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Lloyds Banking Group (LLOY.L) said it will ask to restart dividend payments at a "modest" level after reporting a one-third jump in underlying profit despite another jump in the cost of compensating customers mis-sold loan insurance.

The bank, which is 25 percent-owned by the government having been rescued during the 2008 financial crisis, said it will this year ask the UK regulator for permission to restart dividend payments. The bank, historically a high dividend paying stock, has been blocked from making payouts since taking a taxpayer bailout in 2008.

Lloyds reported an underlying profit for the six months to the end of June of 3.8 billion pounds, up 32 percent from a year ago.

Go recovery. Banking sector fixed. Gordon was a genius.

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