Lloyds Banking Group has had their third quarter profits almost wiped out by a £1.8bn hit over PPI mis-selling as the total bill closed at £22bn.
In the third quarter the bank made only £50m of profits which is down from £1.8bn for the period last year.
Lloyds Bank chief executive, Antonio Horta-Osorio said, “I am disappointed that our statutory result was significantly impacted by the additional PPI charge in the third quarter, driven by an unprecedented level of PPI information requests received in August.”
Horta-Osorio added, “We will maintain our prudent approach to growth and risk whilst continuing to focus on reducing costs and investing in the business to transform the group for success in a digital world.”
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