Lloyds losses narrow to £570m in 2012

The group, which is 40%-owned by the government, said its losses were primarily because of making provisions for the mis-selling of payment protection insurance (PPI), the BBC reports. It set aside £1.5bn in the fourth quarter for PPI. Last week, Lloyds was fined £4.3m for delaying compensation payments to customers over PPI mis-selling. PPI mis-selling has already cost Lloyds more than £5bn.