Britain’s Lloyds to Pay First Dividend Since Rescue
Lloyds Banking Group is paying its first dividend in more than six years after reporting a rise in profit and improvements in its capital strength, a milestone in the bank’s recovery after it was bailed out during the financial crisis.
The bank, which was rescued at a cost of 20 billion pounds ($30.9 billion) to British taxpayers, said it would pay a dividend of 0.75 pence for the 2014 financial year.
Chief Executive Antonio Horta-Osorio said Lloyds, which offered some of the highest dividends in Britain before the crisis of 2007-2009, intended to pay out at least half of its sustainable earnings in the medium term.
More: UPDATE 3-Britain’s Lloyds to Pay First Dividend Since Rescue