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Lloyds sets aside extra £1bn for PPI mis-selling - (Deadline June 2019)
Lloyds sets aside extra £1bn for PPI mis-selling - (Deadline June 2019)
This is a duplicate of the Blog Entry made on: 26th October 2016 10:31
This is a duplicate of the Blog Entry made on: 26th October 2016 10:31
Lloyds Banking Group has set aside a further £1bn to pay compensation for mis-sold payment protection insurance (PPI).
The extra provision was expected after the deadline for PPI claims was extended to June 2019 The announcement came as the bank announced that pre-tax profits for the three months to the end of September fell 15% to £811m. Total income for the quarter rose by 1% to £4.27bn. Lloyds is 9% state-owned, but earlier this month the government said it was scrapping plans to sell its remaining shares in the bank to members of the public. It is now planning to sell its shares via a "trading plan", with small tranches of shares sold to institutional investors. The extra provision for PPI claims comes on top of the £16bn Lloyds has already set aside to tackle PPI mis-selling. It is the bank worst affected by the PPI mis-selling scandal.....Read more here
The extra provision was expected after the deadline for PPI claims was extended to June 2019 The announcement came as the bank announced that pre-tax profits for the three months to the end of September fell 15% to £811m. Total income for the quarter rose by 1% to £4.27bn. Lloyds is 9% state-owned, but earlier this month the government said it was scrapping plans to sell its remaining shares in the bank to members of the public. It is now planning to sell its shares via a "trading plan", with small tranches of shares sold to institutional investors. The extra provision for PPI claims comes on top of the £16bn Lloyds has already set aside to tackle PPI mis-selling. It is the bank worst affected by the PPI mis-selling scandal.....Read more here
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