Britain's Lloyds bank reports annual profit rise of 12%

Core Viewpoint - Lloyds Banking Group reported a 12% increase in annual profit, surpassing expectations, driven by higher income that compensated for nearly £1 billion ($1.38 billion) in charges related to compensating customers for mis-sold motor finance [1] Financial Performance - The annual profit rose by 12%, indicating strong financial performance [1] - The increase in income was significant enough to offset the nearly £1 billion in charges [1] Customer Compensation - The company faced nearly £1 billion ($1.38 billion) in charges for compensating customers who were mis-sold motor finance [1]