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Missold Payment Protection Overshadows “Positive” Lloyds Report

The Lloyds Banking Group announced lower-than-expected profits after having to pay out more than £375m to cover claims for missold payment protection insurance. The bank, which is 40% owned by the tax payer, has now paid out a grand total of nearly £4.6bn to compensate customers after claims soared in recent months.

Unfortunately, the PPI scandal is looking likely to overshadow banking reports for some time to come, with Lloyds actually announcing that they have made “substantial progress.”

The Group revealed pre-tax profits of £288m for the first quarter of 2012, compared to £316m in the three months previous, with the expected £500m a significant distance away. Lloyds, which also includes the Halifax, lost £3.5bn in 2011 due to the missold PPI scandal which has been gripping the United Kingdom in recent years, with customers left fuming at their banks and demanding their money back.

It has already been announced that the Lloyds Banking Group will be undertaking a strategic review, with Chief Executive Antonio Horta Osario announcing that “thousands” will lose their jobs in the international operations section of the business in attempts to cut costs.

The aforementioned “substantial progress” relates to the reduction of non-core assets, such as disposing of its onshore Dubai business to HSBC, and they now expect to hit their target for reducing its non-core assets in 2013 as opposed to the previously predicted 2014.

Despite these big steps forward, the bank is still losing out, and shares have fallen by 50% in the last twelve months to around 31.7p, which is almost half of the 63p paid by the Government for its stake in the business during the financial crisis.

If you think you have been affected by missold payment protection, either sold alongside a credit card or insurance policy, get in touch with us at Creditline Financial and we will help you to reclaim your money. Call today on 01733 393399 to find out more.

Posted by Chris White on 04 May 2012

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