BUSINESS LIVE: Lloyds cuts dividend as profits rise

BUSINESS LIVE: Lloyds cuts dividend as earnings rise; BT Issues Bullish Forecasts For Its Outlook; Shell raises dividend and launches bumper share buyback program

  • Lloyds Banking Group posted £2.6bn profit, new figures show
  • Lloyds also announced plans to acquire savings and pension company Embark

Lloyds Banking Group has announced its first interim dividend following the Bank of England’s recent cap lift, and today confirmed it is buying Embark Group, the investment and pension platform.

The FTSE 100 lender reported a swing to a statutory profit of £3.9bn, compared to a loss of £0.6bn a year ago.

Shell has announced plans to increase its dividend and launch a $2 billion share repurchase program as its second-quarter profit hit its highest level in two years.

The oil giant said profits came in at $5.5 billion, up 71 percent from $3.3 billion in the same period last year.

BT today released a bullish forecast for the outlook for the remainder of the year, despite a decline in sales and pre-tax profits in the first quarter.