Lloyds Bank concludes buyback programme announced with full year results

Sophie Chapman
- Finance - Aug 29, 2018

The UK-based retail and commercial bank, Lloyds Bank, has confirmed the completion of the buyback scheme it revealed plans to launch in February.

The bank announced it would be buying back £1bn (US$1.29bn) in shares when releasing its full year results.

Between 8 March and 24 August, Lloyds Bank repurchased more than 1.57bn ordinary shares for the aggregate consideration of £1bn.

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“In aggregate between 8 March and 24 August, the company repurchased 1,577,908,423 ordinary shares for an aggregate consideration of GBP1.00 billion,” the firm stated.

The buyback programme was managed by the Swiss investment bank, UBS AG – from its London branch.

When the company announced its results earlier this year, Lloyds Bank also claimed it would raise its dividends to 20%.

The decision was made following successful figures for the 2017/18 year – the bank’s statutory profit increased by 24% to reach £5.3bn ($6.83bn).

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