February 20, 2020 / 7:09 AM / 4 months ago

Lloyds posts lower annual profits as PPI weighs on results

LONDON, Feb 20 (Reuters) - Britain’s biggest domestic lender Lloyds Banking Group reported a pre-tax profit of 4.4 billion pounds ($5.7 billion)for 2019, in line with analyst expectations.

Profits were 27% lower than 2018 as nearly 2.5 billion pounds of previously announced provisions for compensating customers mis-sold payment protection insurance weighed.

The pre-tax profit compared to a 4.5 billion pounds average of analysts’ forecasts compiled by the bank.

Lloyds announced a dividend of 3.37 pence but no share buyback.

$1 = 0.7749 pounds Reporting by Iain Withers and Lawrence White, editing by Sinead Cruise

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