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Lloyds sees PPI bill raised by £750m

Source BBC News@ tienganhvui.com


LloydsThe government is reducing its stake in Lloyds


Lloyds Bank says it will set aside another £750m for compensation for mis-sold personal protection insurance (PPI), taking the total to £8bn.


UK banks have reserved £16bn to compensate customers sold unnecessary or irrelevant insurance, with Lloyds setting aside more than any other.


The bank, still part-owned by the taxpayer, made the announcement as it reported its third quarter results.


Its profits for the nine months to the end of September were £1.69bn.





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