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| Lloyds Bank sees PPI bill raised by £750m | Lloyds Bank sees PPI bill raised by £750m |
| (35 minutes later) | |
| Lloyds Bank says it will set aside another £750m for compensation for mis-sold personal protection insurance (PPI), taking the total to £8bn. | 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. | Its profits for the nine months to the end of September were £1.69bn. |
| The charge for PPI had an impact on the third-quarter profit figure and helped to leave Lloyds with a loss of £440 million for the three months to the end of September. | |
| The government recently sold £3bn of its stake in the bank and still retains more than a third of the company. | |
| During Lloyds' bailout in 2008, the government bought shares at an average price of 73.6p. | |
| The average market price at the time was 61p, so the government booked the difference as a loss and added it to the national debt. | |
| Lloyds recently revived the TSB brand and has transferred five million accounts to the new bank, which started operating a month ago. | |
| The new bank will be sold off next year, as part of a process ordered by the European Commission to provide greater competition. |