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Lloyds makes extra £375m provision for PPI compensation
Lloyds Banking Group has reported falling profits and set aside an extra £375m to pay for payment protection insurance (PPI) compensation.
Pre-tax profit in the first quarter of 2012 was £288m, compared with a £3.5bn loss in the same period last year.
Lloyds’ boss said it “reflected the subdued UK economic environment”.
Lloyds, which is 40%-owned by the government, said the extra PPI provisions were down to “the increase in the volume of complaints”.
Last week Barclays also increased its provision for PPI compensation, setting aside an extra £300m.
HSBC’s provisions for PPI compensation rises to £745m
HSBC has been forced to put aside nearly £750m to compensate customers mis-sold payment protection insurance as Britain’s largest bank said it had been hit by a rise in claims during the first three months of the year.
The lender said it made a £290m ($468m) provision in the first quarter against PPI claims, taking the total amount set aside to pay out compensation to £745m.
HSBC increases potential PPI bill by 63%
HSBC whacked up its bill for compensating victims of an insurance scandal by a massive 63% yesterday.
The banking giant prepared to kiss goodbye to another £290million to settle its share of the payment protection insurance saga, after a significant rise in claims in the first three months of this year.
The extra expense takes HSBC’s total PPI provision to nearly £750m. But it said: “There remains a degree of uncertainty about the eventual costs of redress for this matter.”
‘Ordinary’ savers pots swell by 18% in three months as PPI pay-outs boost accounts, research suggest
An increasing number of cash-conscious Britons have been saving more money, driven by restrained spending and assisted by a large increase payouts for mis-sold payment protection insurance (PPI), data suggests.
Research by ING Direct bank found the average savings balance of an ‘ordinary’ saver has increased by 18 per cent in the first three months of the year, with savings balances rising by £284 to £1,858.
This is the first consecutive quarterly rise in savings since 2009 and indicates a reversal in the three-year trend of falling savings levels.
Lloyds takes extra £375million PPI hit as rising claims increase banks’ pain
One of the worst mis-selling scandals to hit the UK has escalated, forcing banks including Lloyds Banking Group to add hundreds of millions of pounds to their compensation bills for mis-selling payment protection insurance.
After being flooded by claims, taxpayer-backed Lloyds took an additional £375million hit to cover payment protection insurance (PPI) claims. The 40 per cent state-owned bank has now set aside nearly £3.8billion to deal with PPI compensation.