Powered by

PPI costs Lloyds all profits it has made for past six years

Nov 01, 2019 - The Daily Telegraph (London)
Board and Executive Moves

LLOYDS Bank has set aside almost £22bn in total to cover the rush of complaints for PPI mis-selling - more than all of its combined profits since it started paying for the scandal in 2013.

The lender earmarked an extra £1.8bn to cover PPI costs yesterday after being stung by a last-ditch scramble for compensation ahead of a deadline for claims earlier this year.

This extra hit almost wiped out profits for the third quarter of 2018. It dragged them down to just £50m, 97pc less than...