Lloyds Bank is setting aside an extra £1 billion for PPI claims
Reuters
Lloyds Bank is setting aside an extra £1 billion to cover the cost of outstanding claims for redress of mis-sold payment protection insurance (PPI).
The lender, which is 9% state-owned, reported pre-tax quarterly profit of £811 million, down from £958 million in the same three month period last year.
The bank said cost savings had been outweighed by lower income.
The group said "marginally lower income and increases in the impairment charge and operating lease depreciation partially offset by lower operating costs."
Antonio Horta-Osorio, Lloyds CEO, warned that "the outlook for the UK economy remains uncertain," in the bank's third quarter results statement.
"However the strength of the recovery in recent years means the UK is well positioned," he added.
More to follow.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
- Women in Leadership
- Rupee declines 5 paise to 83.43 against US dollar in early trade
- Election Commission issues notification for sixth phase of Lok Sabha polls
- 6 Coffee recipes you should try this summer
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market