Lloyds bank awards bonus to boss despite loss

Lloyds bank says net losses almost halved to £1.427 billion in 2012, when it was hit by vast insurance mis-selling claims, and awarded its boss a large performance bonus.

Britain's bailed-out Lloyds bank said on Friday that net losses almost halved to £1.427 billion in 2012, when it was hit by vast insurance mis-selling claims, and awarded its boss a large performance bonus.

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The loss after taxation, equivalent to $2.165 billion or €1.657 billion, compared with a shortfall of £2.787 billion in 2011, Lloyds said in a statement, adding that chief executive Antonio Horta-Osorio would receive a bonus of £1.485 million that will be deferred until 2018 and dependent on the bank's share price level.