post-title Lloyds reports highest profit in decade

Lloyds reports highest profit in decade

Lloyds reports highest profit in decade

Lloyds Banking Group has reported its highest annual profit in a decade, helped by a reduction in payment protection insurance (PPI) provisions.

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.

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.

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