22-02-2008
Lloyds TSB increases shareholder dividend
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The London-based financial institution Lloyds TSB has increased its shareholder return, it has emerged.
Lloyds TSB has confirmed an increase in its dividend by five per cent, at a time when yearly profits at the financial institution have declined by a total of six per cent.
The company is now offering shareholders a rate of 35.9p per share.
"Our lower risk strategy limited the impact of the abrupt change in the markets," said Eric Daniels, chief executive of Lloyds TSB, an organisation established in 1995, following the merger of Lloyds Bank with the Trustee Savings Bank.
"Consequently, our charge was relatively modest in comparison to our balance sheet size, our earnings and the charges taken by many other organisations."
Compared with pre-tax profits of £4.25 billion in 2006, Lloyds TSB has reported pre-tax profits of £4 billion for the following year.
In other news on Lloyds TSB, the company has confirmed credit crunch-related investment write-offs totalling £280 million.