LLOYDS Banking Group has posted annual losses of STG1.43 billion ($A2.14 billion), hit by huge insurance mis-selling compensation, while it awarded its boss a bonus linked to an eventual sale of the government's stake.
The loss after tax, equivalent to $US2.16 billion or 1.66 billion euros, was almost half the STG2.79-billion shortfall it suffered in 2011, Britain's LBG said in a results statement.
The bank is 39 per cent owned by the British government after a state bailout following the 2008 global financial crisis.
LBG said annual pretax losses narrowed sharply to STG570 million from STG3.5 billion last time around, but the group opted against issuing a shareholder dividend, sending shares sharply lower.
Lloyds set aside another STG1.5 billion in the fourth quarter to cover compensation for mis-selling payment protection insurance (PPI), taking its annual provision to a vast STG3.575 billion.
The bill now stands at STG6.775 billion, which makes Lloyds the worst affected bank by the mis-selling scandal. It also put aside STG400 million to compensate clients who were sold interest rate hedging products.
Underlying annual profit, stripping out exceptional items, surged to STG2.6 billion from STG638 million in 2011, as the bank cut bad debts, costs and non-core assets. It shed 7000 jobs last year.
Lloyds chief Antonio Horta-Osorio will receive a 2012 performance bonus of STG1.485 million, deferred in shares until 2018.
However, at his request, the bonus will be paid only if the British government sells at least a third of its stake above 61 pence - the average price it paid during the bank's bailout - within the next five years.
In Friday afternoon deals, LBG shares tumbled 8.21 per cent to 50 pence on London's FTSE 100 index, which was 0.74 per cent lower at 6313.69 points.
Lloyds staff will share a bonus pot of STG365 million - three per cent lower than in 2011 - giving each employee about STG3900 on average. Cash bonuses were capped at 2000.
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