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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 with the same period in 2013.
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. However, Lloyds said it would go ahead with plans to restart dividend payments to shareholders.
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."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. The group made an underlying profit of £3.8bn. However, it was hit by charges relating to "legacy issues", including PPI mis-selling and a fine for rate manipulation.
Lloyds group is part-owned by the government, which holds a 24.9% stake. The bank's total bill for mis-sold PPI now stands at more than £10bn, after it set aside an extra £600m to compensate customers.
Lloyd's also set aside £226m to cover a fine for rate-rigging.
On Monday, US and UK financial authorities fined Lloyds £218m for "serious misconduct" over some of the key interest rates set in London.
Regulators found that Lloyds rigged rates including the London interbank offered rate (Libor) for yen and sterling, and tried to manipulate the rate for yen, sterling and the US dollar.
Lloyds Group is part-owned by the government, which holds a 24.9% stake.
Its TSB business, which was floated on the stock market in June, saw underlying profits fall about 17% to £78.6m.
It attributed the fall to its no longer being able to benefit from the economies of scale that had been open to it as part of a larger group.