Arab Today, arab today lloyds makes a £39bn loss after ppi settlements
Last Updated : GMT 02:34:07
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Lloyds makes a £3.9bn loss after PPI settlements

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Arab Today, arab today Lloyds makes a £3.9bn loss after PPI settlements

London - Arabstoday

Lloyds Banking Group has reported a £3.9bn ($6.3bn) loss for the first nine months of 2011, mainly due to the cost of settling claims for mis-selling payment protection insurance (PPI).The pre-tax loss for the period ending 30 September compares with a profit of £2bn a year earlier.Lloyds said that during the nine months it spent £3.2bn covering PPI claims.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.It added that the cost of settling PPI claims was completed in the first half of the year.The bank\'s results come six days after it announced that chief executive Antonio Horta-Osorio is to take medical leave.Lloyds expects Mr Horta-Osorio, who only took up the job in March, to return to his position before the end of the year.Tim Tookey, who has taken up the chief executive role on an interim basis, said Lloyds was now continuing to strengthen its balance sheet and reduce costs.He added: \"Over time we believe our strategy will realise the full potential of our organisation for customers and shareholders.\"Mr Tookey is due to leave Lloyds in February after handing in his resignation over the summer.The government currently still holds a 41% stake in Lloyds.

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