Lloyds sets aside a further £750m for PPI - Banking - News - Moneyfacts


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Lloyds sets aside a further £750m for PPI

Lloyds sets aside a further £750m for PPI

Category: Banking

Updated: 29/10/2013
First Published: 29/10/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Lloyds Banking Group has revealed that is has set aside an additional £750 million to compensate customers who were mis-sold payment protection insurance (PPI).

The group has already reserved £8 billion to cover PPI costs – the greatest amount of any bank in the UK.

The news comes as Lloyds unveiled its latest financial results showing that underlying profit increased by 136% to £4,426 million in the first nine months of this year.

Additionally, statutory profit before tax rose to £1,694 million, which compares to a loss of £607 million in the first nine months of 2012.

"The third quarter was an especially significant one for the Group. We returned the TSB bank to the high street and launched a rebranded, revitalised Lloyds Bank," said Lloyds chief executive António Horta-Osório.

"Our strategic plan continues to deliver and customers are increasingly seeing the benefits. At the same time we are creating a low cost, low risk differentiated business, resulting in better profitability and returns despite further legacy charges."

What Next?

How to independently claim back mis-sold PPI

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Debit card spending still leads the way

Many of us turn to plastic at the tills these days, particularly as contactless technology makes it easier than ever before. It’s little wonder that card spending continues to ramp up – and it’s debit card spending that’s leading the way.

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.