Lloyds Bank losses hit £3.5bn after PPI mis-selling
Lloyds Bank has confirmed that it made a loss of £3.54bn in 2011 the vast majority of which it attributed to the mis-selling of payment protection insurance (PPI).
In its results for the year ended 31 December 2011 the banking group said it believed the previously announced reserving of £3.2bn for dealing with mis-sold PPI claims was "adequate".
The group also confirmed that profit before tax for general insurance business increased 21% to £497m (2010: £412m).
Net operating income in the division fell by 13% to £1.04bn from £1.19bn the year before as the group ceased to write PPI cover. However home insurance income was stable at £857m (2010: £862m).
The
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