lloyds bank takes extra £2bn hit for misselling claims
Last Updated : GMT 12:01:24
Arab Today, arab today
Arab Today, arab today

Lloyds bank takes extra £2bn hit for mis-selling claims

Arab Today, arab today

Arab Today, arab today Lloyds bank takes extra £2bn hit for mis-selling claims

London - AFP

Britain's state-rescued bank Lloyds said on Monday it will take an extra hit of almost £2.0 billion ($3.3 billion, 2.4 billion euros) to cover mis-selling claims, but forecast a "small" annual profit. Lloyds, which is 33-percent owned by the taxpayer, added it would seek to resume shareholder dividend payments in the second half of this year, and said it was preparing for the government to sell more of its stake. Lloyds Banking Group said it will take a provision in the fourth quarter of £1.8 billion for claims relating to the mis-selling of payment protection insurance, and £130 million relating to over the mis-selling of interest rate hedging products to small businesses. "The PPI provision increase is principally based on the group's revised expectations for complaint volumes, uphold rates, and related administrative costs," it said. That takes the group's total bill for the PPI scandal, which has blighted Britain's banking sector, to almost £10 billion. Lloyds revealed the news in a trading update issued before annual results that are due on February 13. The bank also forecast it would make a "small" statutory profit in 2013, while it expected to beat City expectations by posting an underlying profit of £6.2 billion. It added: "The group can also confirm that ... preparatory work including the preparation of certain documents required for a possible future sale of shares in Lloyds Banking Group to the public, has commenced." In September, the coalition government started the process of selling down its stake by offloading 6.0 percent to institutional investors for £3.2 billion. "Our significant progress in delivering sustainable improvements in our capital position and our profitability, despite legacy issues, is testament to the strength of our business model and the commitment of our people, and has enabled the UK government to start to return the bank to full private ownership," said chief executive Antonio Horta-Osorio. "We expect to apply in the second half of 2014 to restart dividend payments and to deliver progressive and sustainable payments to shareholders thereafter. This will be another important step in our journey to rebuild trust and confidence in our group." Lloyds had last paid a shareholder dividend in 2008, just before it received a £20-billion bailout by the government at the height of the global financial crisis. In morning deals, Lloyds' share price sank 2.55 percent to 81.18 pence, topping the fallers board on the FTSE 100 index, which was 0.07 percent higher at 6,514.98 points.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

lloyds bank takes extra £2bn hit for misselling claims lloyds bank takes extra £2bn hit for misselling claims

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

lloyds bank takes extra £2bn hit for misselling claims lloyds bank takes extra £2bn hit for misselling claims

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Saudis clear passenger flights

GMT 08:38 2017 Saturday ,25 November

Saudis clear passenger flights
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Germany's SPD says ready for talks

GMT 11:28 2017 Saturday ,25 November

Germany's SPD says ready for talks
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Heidy underlines works like “Seventh Neighbor”

GMT 13:59 2017 Thursday ,23 November

Heidy underlines works like “Seventh Neighbor”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 07:53 2017 Friday ,24 November

To Debate Ethics of Euthanasia

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday