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Lloyds hit again as PPI provision grows by £1bn
by Sarah Miloudi on Nov 01, 2012 at 08:15
Lloyds Banking Group has been forced to set aside a further £1 billion to cover its payment protection claims.
In addition to the increased buffer it announced earlier this year, the bank said a provision of £2.07 billion has now been set aside to cover mis-selling claims linked to its payment protection insurance (PPI) business.
As a group, Lloyds reported a 148% rise in underlying profit over the nine months to September, taking the figure to around £1.9 billion.
But it added that around £1 billion of its PPI claims figure was set aside in the third quarter alone, and that this was the 'primary driver' behind its statutory £583 million loss for the first nine months of 2012.
More to follow
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