Lloyds Banking Group has revealed a 12% increase in its bonus pool for 2022 despite pre-tax profits remaining flat on the previous year.
The bank – Britain’s biggest mortgage lender – revealed earnings of £6.9bn for the 12 months, matching the sum achieved in 2021.
The earnings were largely damaged by a £1.5bn provision for bad loans that was booked by the bank over the course of the year – £500m of it in the final quarter.
Its annual report – released separately – showed that the workforce would be rewarded with bonuses totalling £446m.
Chief executive, Charlie Nunn, would take £1.33m of that sum, the document said, plus a long term share plan award of 150% of salary.
This article was originally published by Sky.com. Read the original article here.