Lloyds' profits hit by PPI claims

AOL Money Staff
Lloyds TSB
Lloyds TSB

The scandal around mis-sold payment protection insurance (PPI) has threatened to overshadow "substantial progress" at taxpayer-backed Lloyds Banking Group.


The lender, which is 39.7% state-owned, took an additional £375 million hit to cover the growing volume of PPI claims, bringing the total set aside to nearly £3.6 billion.