Lloyds share price (LON:LLOY) ticked up after the bank reported 24% rise in profits for 2018.

Lloyds said profits after tax for the year were up £4.4 billion. Nevertheless, this proved below expectations.

In addition, the bank announced a total ordinary dividend of 3.21p per share, an increase of 5% on 2017.

Lloyds also proposed a buy-back of £1.75 billion, marking a total capital return of up to £4.0 billion. This was an rise of up to 26%.

Net income climbed to £17.8 billion, a rise of 2%. Operating costs are also down on the previous year, despite increased investment.

Nevertheless, the bank also said that it had allocated £750 million in 2018 relating to payment protection insurance (PPI) claims.

In a statement, António Horta-Osório, Lloyds Chief Executive said:

“2018 has been a year of strong strategic and financial delivery, as we build on our unique capabilities to transform the Group to succeed in a digital world. We have made significant progress against the priorities we set out at the start of the year when we launched the third stage of our strategic plan, which is supported by investment of more than £3 billion over the plan period. We have also delivered another year of increased statutory profits and returns along with strong capital build and, as a result, have been able to recommend an increased dividend and share buyback to our investors.”

Earlier this month, Lloyds announced the appointment of William Chalmers as its new CFO. The former Morgan Stanley banker is set to take up the role in June of this year.

Lloyds share price is currently trading +2.98% as of 10:33AM (GMT).