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08/11/2011
Lloyds Makes £3.9bn Loss After PPI
Lloyds Bank has announced a £3.9bn loss for the first nine months of 2011, blaming payment protection insurance (PPI) claims for the shortfall.
Lloyds said that during the nine months it spent £3.2bn covering PPI claims and that its total income for the period also fell 15% to £15.3bn, indicating a decline in business levels.
Lloyds said its latest results came against a backdrop of a weakening UK economic environment.
Despite the profit dip, Tim Tookey, Interim Group Chief Executive and Group Finance Director, tried to remain positive: "Although the UK economic environment has weakened in the third quarter, the flexibility in our strategic plan has allowed us to further improve our customer propositions, continue the reduction in our risk profile, strengthen our balance sheet and reduce costs. Over time, we believe our strategy will realise the full potential of our organisation for customers and shareholders."
It added that the cost of settling PPI claims was completed in the first half of the year.
'Reducing costs'
The pre-tax loss for the period ending 30 September compares with a profit of £2bn a year earlier.
Lloyds said they had delivered a resilient performance in the third quarter, which was in line with their expectations despite a weakening UK economic environment and continued competitive markets.
The report said: "We have made a good start in implementing our strategic initiatives, using the flexibility that we have in our plan to focus on further strengthening our balance sheet position and on making a strong start to the delivery of cost savings through our simplification initiatives.
"Given lower opportunities for growth in the current environment, we have continued to be very disciplined on incremental investment, with spend subject to the realisation of simplification benefits and a stringent view of risks, returns and strategic fit."
(DW)
Lloyds said that during the nine months it spent £3.2bn covering PPI claims and that its total income for the period also fell 15% to £15.3bn, indicating a decline in business levels.
Lloyds said its latest results came against a backdrop of a weakening UK economic environment.
Despite the profit dip, Tim Tookey, Interim Group Chief Executive and Group Finance Director, tried to remain positive: "Although the UK economic environment has weakened in the third quarter, the flexibility in our strategic plan has allowed us to further improve our customer propositions, continue the reduction in our risk profile, strengthen our balance sheet and reduce costs. Over time, we believe our strategy will realise the full potential of our organisation for customers and shareholders."
It added that the cost of settling PPI claims was completed in the first half of the year.
'Reducing costs'
The pre-tax loss for the period ending 30 September compares with a profit of £2bn a year earlier.
Lloyds said they had delivered a resilient performance in the third quarter, which was in line with their expectations despite a weakening UK economic environment and continued competitive markets.
The report said: "We have made a good start in implementing our strategic initiatives, using the flexibility that we have in our plan to focus on further strengthening our balance sheet position and on making a strong start to the delivery of cost savings through our simplification initiatives.
"Given lower opportunities for growth in the current environment, we have continued to be very disciplined on incremental investment, with spend subject to the realisation of simplification benefits and a stringent view of risks, returns and strategic fit."
(DW)
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14 May 2010
Payment Protection Insurance Criticised
High-pressure sales of payment protection products are likely to be outlawed The Competition Commission (CC) has provisionally decided that consumers will benefit from the introduction of a point-of-sale prohibition for all forms of payment protection insurance (PPI), with only one exception (retail PPI).
Payment Protection Insurance Criticised
High-pressure sales of payment protection products are likely to be outlawed The Competition Commission (CC) has provisionally decided that consumers will benefit from the introduction of a point-of-sale prohibition for all forms of payment protection insurance (PPI), with only one exception (retail PPI).
19 February 2013
FSA Fine Lloyds £4.3m For PPI Compensation Delays
Delays in paying compensation to customers mis-sold Payment Protection Insurance (PPI) have resulted in £4.3m fine for Lloyds Banking Group. While hundreds of thousands of people have received redress for mis-sold PPI, the Financial Services Authority (FSA) said that 140,000 customers did not receive their payments promptly.
FSA Fine Lloyds £4.3m For PPI Compensation Delays
Delays in paying compensation to customers mis-sold Payment Protection Insurance (PPI) have resulted in £4.3m fine for Lloyds Banking Group. While hundreds of thousands of people have received redress for mis-sold PPI, the Financial Services Authority (FSA) said that 140,000 customers did not receive their payments promptly.
01 November 2012
Lloyds Allocates Further £1bn For PPI
Lloyds Banking Group says it has put a further £1bn aside to cover its PPI bill. The total amount allocated by Lloyds to compensate customers who were mis-sold payment protection insurance is now as much as £5.275bn.
Lloyds Allocates Further £1bn For PPI
Lloyds Banking Group says it has put a further £1bn aside to cover its PPI bill. The total amount allocated by Lloyds to compensate customers who were mis-sold payment protection insurance is now as much as £5.275bn.
17 January 2005
NHS apologises over report into care of mentally ill patient
The NHS has issued an apology after a mentally ill man committed a murder following his discharge from a psychiatric unit. Dale Pick, who was being treated for a psychotic illness, was allowed to leave the Beaumont Ward on Bradgate Unit at the Leicestershire Partnership NHS Trust, despite the fact that he had a violent reputation.
NHS apologises over report into care of mentally ill patient
The NHS has issued an apology after a mentally ill man committed a murder following his discharge from a psychiatric unit. Dale Pick, who was being treated for a psychotic illness, was allowed to leave the Beaumont Ward on Bradgate Unit at the Leicestershire Partnership NHS Trust, despite the fact that he had a violent reputation.
23 April 2012
Consumers Told To Make PPI Claims Directly
A summit will be held today aiming to shed light on the cost of using claims management companies for payment protection insurance (PPI) claims.
Consumers Told To Make PPI Claims Directly
A summit will be held today aiming to shed light on the cost of using claims management companies for payment protection insurance (PPI) claims.
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