Lloyds chief executive
But the bank risked a political backlash by saying it paid out £395 million (R7.2 billion) in bonuses last year, up 8 percent year on year, including a £1.7m award to Horta-Osorio. His bonus will be paid in stock and is deferred for five years.
Lloyds, 33 percent owned by the
Horta-Osorio said the bank was now ready to return to full private ownership whenever
Lloyds needed a £20bn bailout during the financial crisis, which left taxpayers with a 39 percent stake.
Shares in Lloyds, which have more than doubled over the past two years, were down 3 percent in early trade as analysts anticipated a possible stock overhang as the government share sale approaches.
The bank took £3.5bn more in provisions last year to compensate customers for past mis-selling of products, but said its core capital ratio increased to 10.3 percent. - Reuters
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