Lloyds’ results will focus on the dividend and pay

There are two major points to be made about the Lloyds results. First, the paying of the first dividend since 2008 shows that the core banks - Lloyds and Halifax - are performing well, with underlying profits up 26% to £7.8bn.

There are nearly three million shareholders in Lloyds, many of whom saw the value of their stake in the bank (often a large part of their savings) destroyed when it nearly collapsed.

The government, as the largest shareholder, will receive a payout of £130m.

Second, there will certainly be controversy over the chief executive's pay which totals £11m. The main reason is the three-year long-term incentive plan agreed by the government in 2012 which completes, or "vests", this year.

Because the share price has risen so rapidly - on the back of the bank's successful turnaround - the shares Antonio Horta-Osorio will receive are much more valuable - 78p compared with 35p in 2008.

I am told that he will pledge not to cash in any of those shares until the government has "substantially" sold the rest of its stake and the taxpayer has been paid back the money used to bail out the bank.

Sources at the bank point out that Mr Horta-Osorio has never sold a share he has been given in Lloyds as part of his remuneration package.

It seems he is not going to start anytime soon.