Lloyds Banking Group reports huge £3.2bn Q1 losses after PPI provision
Part-nationalised Lloyds Banking Group has recorded a statutory loss after tax of £3.47bn for Q1 2011 (Q1 2010: £721m), after the bank made provisions of £3.2bn for payment protection insurance payout costs.
The provision was made, the group said, in response to the recent 20 April High Court Judgement on the issue, and following discussions with the Financial Services Authority.
The group said
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