Lloyds Starts £1.75 Billion Buyback After Earnings Beat

Lloyds Banking Group Plc is buying back a further £1.75 billion ($2.4 billion) of its shares after both its core banking business and newer insurance and wealth products boosted earnings in the fourth quarter.

Britain’s biggest mortgage lender posted preliminary pretax profit of £1.98 billion for the three months through December, more than double the profit a year ago and compared to the £1.72 billion analyst estimates compiled by Bloomberg.