Lloyds (LLOY.L) has launched a £1.75bn share buyback after reporting a jump in annual profits to £6.7bn, comfortably ahead of market expectations. The FTSE 100 (^FTSE) lender said pre-tax profit rose 12% in 2025, beating the £6.4bn forecast by analysts, as income proved resilient despite accelerating interest rate cuts. Lloyds (LLOY.L) also raised its ordinary dividend by 15% year on year to 3.65p a share. Underlying impairment charges rose to £795m from £433m a year earlier, which Lloyds (LLOY.L) described as reflecting strong and stable credit performance. The bank said it would pay a final dividend of 2.43p a share, taking the total payout for the year up 15% to 3.65p.