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Lloyds sets aside another £1bn for PPI mis-selling

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Lloyds Banking Group has set aside another £1bn to compensate for mis-sold payment protection insurance, taking the firm’s total bill to £17bn.

The announcement came in the firm’s third quarter results, which show pre-tax profits for the quarter fell 15 per cent to £811m.

Total income for the quarter rose by 1 per cent to £4.27bn.

Pre-tax profits are up by 52 per cent in the year so far, to nearly £3.3bn.

The third quarter results also show the lender paid £150m to cover other conduct issues, mainly to do with selling packaged bank accounts.

The Financial Conduct Authority has set a deadline of June 2019 for all PPI claims to be brought.

Lloyds group chief executive António Horta-Osório says: “We are making good progress against our strategic priorities: creating the best customer experience; becoming simpler and more efficient; and delivering sustainable growth.

“We remain committed to helping first-time buyers onto the housing ladder whilst continuing to balance risk and margin considerations versus volume in mortgages.”

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