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Lloyds Banking Group has set aside another £1bn to cover the cost of ‘conduct charges’ the company announced today.
An additional £700m will cover claims for payment protection insurance (PPI) and nearly £300m will repay almost 600,000 customers who were wrongly charged by the group for going into arrears from 2009 to 2016.
These figures were revealed in the groups half year results which showed a continued strong performance with pre-tax profits of £2.5bn a 4 per cent rise on last year.
The results are the first since the Government sold its final shares in the bank which it acquired following a bailout during the 2008 financial crisis at a cost of about £20bn.
António Horta-Osório, Group Chief Executive, said: “Following the successful transformation of the Group to become a simple, low risk, UK focused retail and commercial bank, we have delivered another strong set of results with increased underlying and statutory profit and strong capital generation, whilst completing the acquisition of MBNA and returning to full private ownership.”