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Lloyds PPI bill soars to £13.4 billion as profits also rise

LloydsLloyd Banking Group has set aside a further £1.4 billion to compensate customers mis-sold payment protection insurance, taking its total bill for the scandal to £13.4bn.

The shocking new figure was unveiled alongside a first half statutory profit of £1.19bn (2014: £863m), which was below analysts expectations, and its plans for one-off dividends or share buy backs from the end of this year.

Lloyds was last month fined a record £117m by the Financial Conduct Authority (FCA) over the mis-sold PPI which continues to hound its progress.

The called the additional provision for PPI “disappointing”and said the extra provision reflected “higher than expected reactive complaints with higher associated redress”.

The bank also took a charge of £660 million on the sale of TSB.





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