Lloyds to reveal £1bn share buyback and boost bonus payouts to £415m
Lloyds Banking Group will unveil plans for a £1bn share buyback tomorrow along with boosted bonus payouts to staff.
According to Sky News, Lloyds will reveal the news with its annual results tomorrow and a new three-year strategy.
The bank is also expected to say that it will pay around £415m in bonuses to staff for 2017 – a rise on last year to reflect improved performance. Last year, the bank's bonus outcome rose to £392.9m, up from £353.7m in 2015.
Read more: Barclays boss Jes Staley is in line for a bonus of almost £1m
The buyback of around £1bn comes after Lloyds reached a milestone in May last year when it was returned to full private ownership.
The government sold its final stake in the lender, with Lloyds boss Antonio Horta-Osorio at the time hailing the hard work of "everyone at Lloyds" for turning around the lender from "a very fragile financial condition" after being rocked by the financial crisis.
Analysts have been predicting a positive report from the lender tomorrow, with profits on the up. Credit Suisse said last month it expected Lloyds to unveil a £1bn buyback rather than a 1.5p special dividend for 2017, as previously expected.
The bank has also been looking to improve diversity at the company, confirming last week that it will set a formal target to increase the proportion of senior management from black, Asian and minority ethnic (BAME) backgrounds.
Lloyds will be among a slew of big banking results this week, as the Royal Bank of Scotland and Barclays report full-year results, after HSBC did today.
HSBC more than doubled full-year profits, but missed analyst expectations.
Read more: Lloyds has set a target for ethnic diversity in its workforce
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