BUSINESS LIVE: Lloyds brings backs dividend as profits surge

BUSINESS LIVE: Lloyds brings backs dividend as profits surge; BT issues bullish forecast for its prospects; Shell boosts dividend and launches bumper share buyback scheme

  • Lloyds Banking Group swung to a profit of £2.6bn, new figures show
  • Lloyds also announced plans to acquire savings and retirement firm Embark 

Lloyds Banking Group has declared its first interim dividend after the recent removal of Bank of England’s cap and today confirmed it is buying investment and retirement platform Embark Group.

The FTSE 100 lender reported a swing to a £3.9billion statutory pre-tax profit compared to a £0.6billion loss a year ago.

Shell has announced plans to increase its dividend and launch a $2billion share buyback programme as its second quarter earnings hit their highest levels in two years. 

The oil giant said that earnings came in at $5.5billion, up 71 per cent on the $3.3billion it took in the same period the previous year.

BT today issued a bullish forecast for its prospects for the rest of the year despite posting a dip in revenue and pre-tax profit in the first quarter.