Home Business NewsBusinessBanking News Lloyds profits falls by 7 per cent over PPI pain

Lloyds profits falls by 7 per cent over PPI pain

by LLB Reporter
31st Jul 19 9:07 am

Lloyds Banking Group has revealed they’ve taken another £550m hit from the payment protection insurance (PPI) scandal, as the group has reported a 7% drop in half year pre-tax profits.

In the six months to 30 June, pre-tax profits fell to a worse than expected £2.9bn for mis-selling and restructuring costs.

The extra provision for PPI happened in the second quarter as claims have surged ahead of the 29 August deadline.

This has bought the total half year to £650m and so far the total Lloyds has spent over the scandal amounts to a whopping £20.1bn.

Lloyds pre-tax profits on an underlying basis fell by 1% to £4.19bn for the same period.

Lloyds chief executive Antonio Horta-Osorio said although the economy has been resilient over Brexit the “continuing uncertainty is having an impact and leading to some softening in business confidence as well as in international economic indicators.”

Horta-Osorio added, “The group has continued to make strong strategic progress during the first half of 2019 and delivered a good financial performance.”

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