Bank posts pre-tax loss of £144m in Q3
Lloyds Banking Group has set aside a further £1bn in compensation for customers who were mis-sold payment protection insurance (PPI).
The 40% government-owned bank’s latest provision takes its total PPI bill to date to £5.3bn.
Lloyds described the further PPI provision as a disappointing “legacy issue”.
The announcement came as Lloyds reported a pre-tax loss of £144m in the third quarter of 2012 (2011: pre-tax loss of £607m).
Lloyds chief executive Antonio Horta-Osorio said: “We have made further significant progress this quarter, improving underlying performance in a challenging environment, while continuing to deliver returns above the cost of equity in the core business and strengthen our already robust balance sheet.”
Following Barclays Bank’s recent decision to set aside a further £700m for PPI compensation, the banking industry’s bill now stands at just over £11bn.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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