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Lloyds reports highest profit in decade

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Pre-tax profits increased by 158% to £4.24bn, a level last seen in 2006 before the financial crisis. Provisions for PPI declined from £4bn to £1bn, bringing the total to £17bn. The UK government's stake in Lloyds has now fallen below 5% and it has said it wants to return the bank to full private ownership this year. The government spent £20.3bn to acquire a 43% stake in Lloyds at the height of the financial crisis. It has returned more than £18.5bn to the taxpayer since 2009. BBC

It's a surprise after yesterday report from HSBC

Edited by rollover

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28 minutes ago, rantnrave said:

Share price still below the price the govt paid though.

Don't we still have 5% left?

I doubt the price will rise much above that until the share overhang is gone. Of course they could just keep them for the dividend income. That would be too pragmatic and conflict with the political dogma.

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21 minutes ago, sPinwheel said:

Wow. Did they borrow thier profit or something?

BoE loans them money at 0%. They lend it out at a couple of per cent. Hard not to make a profit under those circumstances...

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