Lloyds profits nearly wiped out by £1.8bn PPI hit

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Reuters

Lloyds Banking Group has taken a £1.8bn hit for payment protection insurance (PPI) mis-selling compensation, almost wiping out its third quarter profits.

It takes the bank’s total bill for the PPI scandal to close to £22bn

The PPI cost meant the bank made just £50m of profits in the third quarter. It also knocked profits for the first nine-months, which fell 40% to £2.9bn.

Lloyds added Lord Blackwell would leave as chairman at or before the bank’s annual meeting in 2021.

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