Lloyds’ profits fall as the PPI legacy takes its toll

Lloyds expected an increase in the number of complaints related to mis-sold payment protection insurance (PPI) over the past year, which had an impact on the bottom line.

The UK bank saw pre-tax profit declined 26% to £ 4.4 billion after paying £ 2.5 billion to clients as PPI compensation in 2019.

António Horta-Osório, CEO of Lloyds, said in 2011 This PPI compensation was the “right thing”.

After the bank paid £ 750m in PPI claims in 2018, the bill soared to more than three for 2019 …

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