Lloyds PPI payouts now topping £5bn

Lloyds Banking Group's total compensation to customers over PPI has now topped £5bn, pushing the bank towards another quarter of losses.

by Michael Northcott
Last Updated: 09 Oct 2013

Executives at Lloyds must rapidly be losing any good humour they had left. The bank has announced that it has had to earmark a further £1bn of cash for Q3 to cover yet more compensation claims over mis-sold payment protection insurance (PPI).

This takes the total amount the bank will have spent on claims to £5.3bn, and means that the bank will have to post a £144m pre-tax loss for the period. 

No doubt shareholders have really had enough of all this. A very expensive debacle indeed.

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