29th October 2013
Lloyds Bank has thrown in another £750m to cover its potential compensation bill to customers who were mis-sold so-called payment protection insurance (PPI), bringing its total put aside to £8bn.
To date UK banks have set aside some £16bn to compensate customers mis-sold PPI but Lloyds has so far put aside the largest amount
The group, which is still 33% taxpayer owned, in its third quarter results announced today recorded statutory pre-tax losses of £440m, against a £151m loss for the same period in 2012. It recorded profits for the nine months to the end of September of £1.69bn. Shares in the bank were off by 2% by 11.30.
Commenting on the results, chief executive Antonio Horta-Osorio said: “We are well on our way to becoming a better, simpler, low-risk bank, which delivers the products our customers need and the strong performance and sustainable returns our shareholders expect.”