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| Lloyds Banking Group PPI bill rises by another £1.8bn | Lloyds Banking Group PPI bill rises by another £1.8bn |
| (35 minutes later) | |
| Lloyds Banking Group says it is increasing its provision for the mis-selling of payment protection insurance (PPI) by another £1.8bn, bringing the total to nearly £10bn. | Lloyds Banking Group says it is increasing its provision for the mis-selling of payment protection insurance (PPI) by another £1.8bn, bringing the total to nearly £10bn. |
| The increased provision reflected a greater number of successful complaints, the bank said. | |
| But it also said underlying profits for 2013 would be £6.2bn - nearly double what analysts have been expecting. | But it also said underlying profits for 2013 would be £6.2bn - nearly double what analysts have been expecting. |
| And the bank could restart dividend payments this year. | |
| Lloyds' PPI costs now total a potential £9.825bn. For all banks the bill is now approaching £20bn. | |
| Lloyds said it would be setting aside a further £130m relating to the sale of interest rate hedging products to small and medium-sized businesses. | |
| The bank added that the regulator, the Prudential Regulation Authority, would now consider allowing Lloyds to resume making dividend payments, given the group's improved financial performance. | |
| "Modest" dividend payments would probably begin in the second half of 2014, the bank said. | |
| Lloyds also said that it is preparing to sell billions of pounds of shares to the public, as part of its re-privatisation process. | |
| The government still has a 32.7% stake in the banking group but wants to return it to full private ownership by the next general election in 2015. | |
| The sale is expected in April. |