This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-50246479
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Lloyds profits nearly wiped out by £1.8bn PPI hit | Lloyds profits nearly wiped out by £1.8bn PPI hit |
| (about 3 hours later) | |
| Lloyds Banking Group has taken a £1.8bn hit for payment protection insurance (PPI) mis-selling compensation, almost wiping out its third quarter profits. | Lloyds Banking Group has taken a £1.8bn hit for payment protection insurance (PPI) mis-selling compensation, almost wiping out its third quarter profits. |
| It takes the bank's total bill for the PPI scandal to close to £22bn | It takes the bank's total bill for the PPI scandal to close to £22bn |
| The PPI cost meant the bank made just £50m of profits in the third quarter. It also knocked profits for the first nine-months, which fell 40% to £2.9bn. | The PPI cost meant the bank made just £50m of profits in the third quarter. It also knocked profits for the first nine-months, which fell 40% to £2.9bn. |
| Lloyds added Lord Blackwell would leave as chairman at or before the bank's annual meeting in 2021. | Lloyds added Lord Blackwell would leave as chairman at or before the bank's annual meeting in 2021. |
| The £50m of third quarter profits is down from £1.8bn in the same three months a year ago. | The £50m of third quarter profits is down from £1.8bn in the same three months a year ago. |
| The bank's 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". | The bank's 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". |
| The City regulator set a 29 August deadline for claims for compensation for PPI, which prompted a rush of claims. | The City regulator set a 29 August deadline for claims for compensation for PPI, which prompted a rush of claims. |
| Lloyds has the biggest bill of all the banks for mis-selling of the insurance policy - which was intended to cover loan payments if, for instance, customers fell ill, but was often sold to people who did not want it or did not need it. | Lloyds has the biggest bill of all the banks for mis-selling of the insurance policy - which was intended to cover loan payments if, for instance, customers fell ill, but was often sold to people who did not want it or did not need it. |
| It has become the UK's biggest mis-selling scandal and led to an industry-wide bill of more than £53bn, with Lloyds incurring almost half of the total. | |
| Nevertheless, Mr Horta-Osorio said the bank's financial performance had been solid despite a "challenging external environment". | Nevertheless, Mr Horta-Osorio said the bank's financial performance had been solid despite a "challenging external environment". |
| "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," he said. | "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," he said. |
| Lloyds - which owns the UK's biggest mortgage lender Halifax - also said that "continued economic uncertainty could further impact the outlook" for the business. | Lloyds - which owns the UK's biggest mortgage lender Halifax - also said that "continued economic uncertainty could further impact the outlook" for the business. |
| Mr Horta-Osorio took the helm after bank was rescued during the 2008 financial crisis and since 2017 the government has not had a stake in the bank. | Mr Horta-Osorio took the helm after bank was rescued during the 2008 financial crisis and since 2017 the government has not had a stake in the bank. |
| The retirement of one of his closest colleagues, chief operating officer Juan Colombas, was also announced. He joined the management team in 2011, and will retire in July next year. | The retirement of one of his closest colleagues, chief operating officer Juan Colombas, was also announced. He joined the management team in 2011, and will retire in July next year. |