Bailed-out Lloyds Banking Group has made a £3.2bn provision for the cost of mis-selling payment protection insurance (PPI), driving the bank to a loss in Q1.
Lloyds reported a pre-tax loss for the three months to 31 March of £3.47bn, including the PPI provision, down from a £721m profit in Q1 2010. Chief executive António Horta- Osorio said the PPI write-down was the "sensible, prudent, right thing to do''. "Drawing a line under this issue'' is in the long-term interests of the bank, he said on a call with reporters today. Elsewhere, Lloyds said it expects the cost of the government's bank levy for the full year to be about £260m. Lloyds also used its first quarter results to hit back at calls from the Independent Commission on Banki...
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