Lloyds Takes $1.4 Billion PPI Charge, Shares Decline
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Lloyds Banking Group Plc, Britain’s largest mortgage lender, set aside an additional 900 million pounds ($1.4 billion) for mis-sold insurance. The shares fell.
The latest charge brings total provisions for wrongly sold payment-protection insurance to 11.3 billion pounds, Lloyds said in a statement today. That’s the highest bill of any British lender. Third-quarter pretax profit before one-time items rose 41 percent to 2.16 billion pounds, beating the 2.07 billion-pound average estimate of seven analysts surveyed by Bloomberg.