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Lloyds hail 'landmark year' as profits surge by 24% to £5.3 billion

Lloyds have posted profits of £5.3 billion for 2017. Credit: PA

Lloyds Banking Group has posted a 24% rise in pre-tax profits to £5.3 billion, up from £4.2 billion in 2016.

The surge in profits follows the bank's return to private ownership last summer, nearly nine years after it was bailed out by the taxpayer.

The "landmark year" comes despite the group taking a £1.7 billion hit from the payment protection insurance (PPI) mis-selling scandal last year.

Alongside the profit announcement, boss Antonio Horta-Osorio also unveiled a new three-year strategic plan which will see the bank invest more than £3 billion in staff training and development, as well as focusing on improving its digital services.

Mr Horta-Osorio said: "2017 has been a landmark year in which the group has made significant strategic progress and returned to full private ownership."

He added: "We have delivered another year of strong financial performance with improved profit and returns on both a statutory and underlying basis and have now built the largest and top rated digital bank in the UK."

The bank said it would increase the staff bonus pool by around 5.5% to £414.7 million for 2017 after the bumper profit haul.