British bank Lloyds TSB Group said today it may make acquisitions and ruled out a rumoured share buyback as it reported a rise in annual profit that was ahead of consensus.
Pre-tax profit for 2003 was £4.35 billion sterling ($7.9 billion), up from £2.62 billion a year earlier, Britain's fifth-biggest bank by assets said. Profit was boosted by sales of businesses last year.
Lloyds TSB sold overseas units last year, including its New Zealand bank for £2.25 billion , as chief executive Mr Eric Daniels focused on reviving the bank's core British business.
The bank said it was on track for improved performance in the second half of this year. Lloyds TSB maintained its full-year dividend at 34.2 pence a share.
Lloyds TSB stock closed little changed at 454-1/2 pence on Friday. The shares have matched the performance of rival banks this year.