Underlying profit up but Lloyds sees a loss after extra £750m for PPI
Lloyds Banking Group has announced that its underlying profit increased by 136 per cent to £4,426m in the first nine months of 2013. But a £750m additional legacy payment for PPI sees the lender report a £440m profit before tax loss in the three months to 30 September (versus a £151m loss for the same period in 2012). (Release)
Chief executive Antonio Horta-Osorio also confirmed that discussions have begun with regulators regarding the timetable and conditions for future dividend payments.
Profit before tax came to £1,694m in the nine months to 30 September (compared with a £607m loss last year). And the bank's underlying profit in the quarter came to £1,524m – up seven per cent on the second quarter and 83 per cent on the third quarter 2012.