Lloyds Banking Group has made a further £750m provision for expected claims against its sales of payment protection insurance (PPI), taking its total commitment beyond £8bn.
The group, reporting its year-to-date results for 2013, said the extra money was being made available due to a lower than expected drop in claims numbers, as well as higher than projected uphold rates and costs. About £1.7bn of the £8.02bn set aside by Lloyds for PPI compensation relates to administration costs. However, the additional £750m charge did not prevent the group from turning a £607m loss in the first nine months of in 2012 into pre-tax profits of £1.69bn for the same period this year. Its income was boosted by its sale of shares in wealth manager St James's Place in two...
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