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| Lloyds half year profits hit by PPI mis-selling charges | Lloyds half year profits hit by PPI mis-selling charges |
| (about 1 hour later) | |
| Profit at Lloyds Banking Group has fallen by more than 50% in the first six months of the year compared to the previous year. | Profit at Lloyds Banking Group has fallen by more than 50% in the first six months of the year compared to the previous year. |
| Pre-tax profit fell to £863m after a £1.1bn charge for "legacy issues". | Pre-tax profit fell to £863m after a £1.1bn charge for "legacy issues". |
| These included £600m set aside for mis-sold Payment Protection Insurance, and £226m to cover a Libor rate-rigging settlement. | These included £600m set aside for mis-sold Payment Protection Insurance, and £226m to cover a Libor rate-rigging settlement. |
| Its TSB business, which was floated on the stock market in June, also saw its profits fall. | Its TSB business, which was floated on the stock market in June, also saw its profits fall. |
| Underlying profits at the business dropped around 17%, to £78.6m, after flotation costs. | Underlying profits at the business dropped around 17%, to £78.6m, after flotation costs. |
| "We substantially improved our underlying financial performance and delivered a statutory profit, despite further charges for legacy issues,' said Antonio Horta-Osorio, chief executive of Lloyds Banking Group. | |
| The bank's total bill for mis-sold PPI now stands at over £10bn after it set aside an extra £600m to compensate customers. | |
| Lloyds group is part-owned by the government, which holds a 24.9% stake. |