Oct
26
Lloyds Profit Weighed Down in 3rd Quarter by Insurance Provision
By
A branch of Lloyds Bank in London, in July. CreditPeter Nicholls/Reuters
LONDON — British banks continue to pay a heavy price for a contentious product they sold to millions of consumers, years after the practice ceased.
On Wednesday, the Lloyds Banking Group became the latest firm to take another hefty provision — this time 1 billion pounds, or about $1.2 billion, in the third quarter — to compensate consumers who were improperly sold payment protection insurance. The lender has so far set aside £17 billion to cover claims…
Lloyds Profit Weighed Down in 3rd Quarter by Insurance Provision
