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Lloyds reports half year loss

Lloyds reports half year loss

Category: Banking

Updated: 14/12/2012
First Published: 26/07/2012

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Lloyds Banking Group has reported a half year loss of £439 million.

The bank, which is 40% owned by the taxpayer, said increases to its provisions for payment protection insurance (PPI) claims had impacted on profit.

Increases to provisions have been made twice so far this year, to deal with the influx of PPI claims of mis-sold insurance cover.

Despite this having a negative impact on overall profit, the group's retail banking arm grew by £715 million to £1.1 billion.

Antonio Horta-Osorio, the group's chief executive officer, said: "We are on track to deliver our strategic aims and we are making significant progress with our financial targets.

"Mis-sold PPI policies are an industry legacy issue but by redressing those affected quickly we continue to do the right thing for our customers."

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