The governments stake in the company is now 9 percent.

Highlights from the results included underlying profits of £8.1 billion, an increase of 5 percent (up 10 percent not including TSB), making an underlying return on equity of 15 percent compared to 13.6 percent in 2014. Total income was up 1 percent to £17.6 billion however statutory profit before tax reached just £1.6 billion compared to 2014’s £1.8 billion due to increased PPI charges.

Group Chief Executive, António Horta-Osório said:

‘We made a strong start in 2015 to the next phase of our strategy and have delivered a robust financial performance, enabling increased dividend payments. Our differentiated, UK focused, retail and commercial business model continues to deliver, with our financial strength, cost leadership and lower risk focus positioning us well in the face of current market uncertainty. We remain confident in our ability to become the best bank for customers and shareholders, while continuing to support the economy and helping Britain prosper.’

The company went on to say that they had continued to strengthen their balance sheet making its leverage ratios one of the strongest amongst banks worldwide ensuring it is protected against further regulatory capital requirements.

During the course of the year major credit rating agencies such as Fitch, Moody’s and Standard & Poor’s have all either raised or reaffirmed the Bank’s credit rating which Lloyds cited as being due to its differentiated, simple and low risk business model.

According to the results the UK government stake has now been reduced to approximately 9 percent whilst chancellor George Osborne has placed a hold on remaining share sales until market volatility subsides.

The Board said that it has recommended a final ordinary dividend of 1.5 pence per share, totalling the years ordinary dividend to 2.25 pence per share whilst they also recommended a special dividend of 0.5 pence per share.