Lloyds Banking Group to Return Surplus Via Dividend, Share Buyback
May 21 2020 - 9:34AM
Dow Jones News
By Matteo Castia
Lloyds Banking Group PLC said Thursday that it will return
surplus capital to shareholders by way of dividends and a potential
share buyback program.
The bank said it has approved loans for more than 1.10 billion
pounds ($1.35 billion) under the Coronavirus Business Interruption
Scheme and more than GBP3.60 billion under the Bounce Back Loan
scheme. Both form part of the U.K. government's response to the
crisis.
The company said it is offering fee-free overdrafts of up to
GBP500.
In order to help the bank preserve liquidity, the executive
committee agreed not to receive an annual bonus under the group's
performance share award this year. Similarly, the chief executive
and the chief operating officer have waived their performance share
award for 2019.
Lloyds Banking said it is introducing a new long-term variable
reward called Long Term Share Plan to replace the current Group
Ownership Scheme. As a result of all these measures, the chief
executive's maximum total compensation will reduce by 30%.
Shares at 1300 GMT were down 1.26 pence, or 4.2%, at 28.61
pence.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
May 21, 2020 09:19 ET (13:19 GMT)
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