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News

Lloyds slumps into red after setting aside another £750m for mis-selling PPI loan insurance

Lloyds said it received an average 11,000 complaints a week over the three month period though monthly complaint volumes were starting to fall.

The results were the first since the Treasury began the process of returning its stake in Lloyds to the private sector, selling a 6% chunk for £3.2bn to institutional investors last month.

Antonio Horta-Osorio, the bank’s chief executive, said of the performance: “The third quarter was a significant one for the group.

“We returned the TSB brand to the high street, launched a revitalised Lloyds Bank, and I am pleased that the progress we have made enabled the UK government to begin the process of returning the Group to full private ownership and getting taxpayer’s money back at a profit. “These are key milestones for Lloyds Banking Group and UK banking,” he said.

The continuing nature of the PPI scandal underlines how one of the banking sector’s most profitable products in the years after 2000 has become a giant millstone around its neck.

The British Bankers’ Association has been holding talks with the Financial Conduct Authority about the imposition of a time limit on PPI claims, although these discussions have so far been fruitless.

The rest of the major high street banks are likely to have to increase their own PPI provisions, with Barclays and Royal Bank of Scotland also reporting third-quarter results later this week.

In February, the Financial Times quoted one unnamed Lloyds shareholder as saying that it would review its investment in the bank if PPI costs continued to rise.

“If PPI costs rise further, then that could tip the balance in our decision on whether to hold or sell our shares in the company,” they are reported to have said.
That sentiment has not held back the Lloyds share price despite the fact that its PPI bill has escalated further.

On Monday, the owner of Halifax saw its share price close at 79.62p, a near-doubling during the last 12 months.

Mr Horta-Osorio has a vested interest in seeing the shares remain above 73.6p until the second half of November. If they do, the performance over 30 consecutive trading days would crystallise a bonus that on paper is currently worth just under £2.5m.

Meanwhile, Barclays bank has trimmed its provision for costs related to the payment protection insurance scandal by £387m.

The decision was announced as the bank confirmed a 26% fall in third quarter profits to £1.39bn compared to the same period last year amid higher spending to achieve its transformation objectives and lower earnings from its investment banking operations.

Profits over the first nine months of the year were down 20% to £4.97bn.

If you’re not sure whether PPI or Mortgage Protection on any loans or mortgages was added, contact Creditline Financial on 01733 393399 and speak to one of our experts, who will guide you through our process.

References taken from – Sky News and This is Money.

Posted by Jay Beecher on 30 Oct 2013

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