Lloyds Banking Group has set aside a further £1bn to pay compensation for mis-sold Payment Protection Insurance. The provision was expected after the deadline for PPI claims was extended to June 2019. This comes amid a fall in pre-tax profits of 15% to £811m for Q3. In its latest annual report, RBS said it had made an operating profit of £1.3bn, up from £2bn last year.
Lloyds Banking Group has set aside a further £1bn to pay compensation for mis-sold Payment Protection Insurance. The provision was expected after the deadline for PPI claims was extended to June 2019. This comes amid a fall in pre-tax profits of 15% to £811m for Q3. Lloyds was the worst-affected UK bank from the PPI mis-selling scandal, it already set aside £16bn to pay claims.