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08/03/2004
Lloyds TSB profits hit £4.3bn
Hopes of a share buy back by Lloyds TSB were sunk today despite the banking giant reporting profits of almost £4.35 billion in 2003.
Share investors had been hopeful that a buy back of shares would help boost per share earnings, but the though the report today revealing a 66% hike in pre-tax profits it offered no hope of enhanced share earnings with final dividends pegged at 23.5p per share and the end of year total 34.2p remained the same as in the preceding year.
Lloyds TSB profits were boosted by the for £2.2 billion sale of non-core businesses, including the disposal of The National Bank of New Zealand bank, as the group concentrated on the UK portfolio of core interests. However, the disposals and resulting profits figures revealed a somewhat lacklustre 4% fall in underlying profits.
In a statement Lloyds TSB said: "The group’s capital management policy is focused on optimising value for shareholders. There is a clear focus on delivering organic growth and expected capital retentions are sufficient to support planned levels of growth. However, we also wish to maintain the flexibility to make value enhancing ‘in market’ acquisitions such as the recent acquisitions of the Goldfish credit card and personal loan businesses, asset finance businesses and Chartered Trust.
"The board has decided not to implement a share buyback programme but will, of course, continue to keep all options for the utilisation of capital under review."
Lloyds TSB shares initially rose on the year-end figures but early afternoon trading was more circumspect on further examination of the report.
(SP)
Share investors had been hopeful that a buy back of shares would help boost per share earnings, but the though the report today revealing a 66% hike in pre-tax profits it offered no hope of enhanced share earnings with final dividends pegged at 23.5p per share and the end of year total 34.2p remained the same as in the preceding year.
Lloyds TSB profits were boosted by the for £2.2 billion sale of non-core businesses, including the disposal of The National Bank of New Zealand bank, as the group concentrated on the UK portfolio of core interests. However, the disposals and resulting profits figures revealed a somewhat lacklustre 4% fall in underlying profits.
In a statement Lloyds TSB said: "The group’s capital management policy is focused on optimising value for shareholders. There is a clear focus on delivering organic growth and expected capital retentions are sufficient to support planned levels of growth. However, we also wish to maintain the flexibility to make value enhancing ‘in market’ acquisitions such as the recent acquisitions of the Goldfish credit card and personal loan businesses, asset finance businesses and Chartered Trust.
"The board has decided not to implement a share buyback programme but will, of course, continue to keep all options for the utilisation of capital under review."
Lloyds TSB shares initially rose on the year-end figures but early afternoon trading was more circumspect on further examination of the report.
(SP)
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