PPI claims Drive Lloyds Banking Group Back into Red
According to a latest report, the State-backed Lloyds Banking Group has suffered a huge loss of more than £8 billion. This group has suffered a loss as it has been involved in a miss-selling scandal.
The group is 33% owned by the taxpayer and it has undergone a statutory pre-tax loss of about £440 million in the third quarter this year. The group has suffered a £151 million loss in the same period in 2012 as well.
The Underlying earnings of the group nearly doubled to £1.52 billion. Also, the bank had to increase the funds that were kept aside for PPI provision.
The funds were augmented by £750 million to £8.02 billion because of the complaints over the scandal.
According to sources, the group's losses have further increased due to the selling of the assets by the organization.
This was done during a period when the group disposed of a German life insurance business. The group has also suffered a huge loss as it has given out its operations in Australia as well.
The group has also sold the 6% of its chunk for £3.2 billion to institutional investors in the previous month. Also, for administration costs alone, the total PPI provision includes £1.7 billion.
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