Lloyds Banking Group preparing to resume dividends

LONDON Mon Feb 3, 2014 2:22am EST

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LONDON Feb 3 (Reuters) - Lloyds banking group is preparing a new offer of shares to the public and is in discussions with regulators over resuming dividend payments in the second half of 2014.

In a statement on Monday, the state-backed bank said it has started preparing for a possible share sale and it is aiming for a dividend payout ratio in the medium term of at least 50 percent of sustainable earnings.

Lloyds also said it achieved an underlying profit of 6.2 billion pounds in 2013 and expects to announced a "small statutory profit before tax" when it publishes full year earnings on February 13.

It also said its results reflect a further provisions taken in the fourth quarter of 1.8 billion punds for legacy Payment Protection Insurance business, and 130 million pounds relating to the sale of interest rate hedging products to small and medium sized businesses.

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