Business News
Lloyds Bank makes loss following compensation payments
Nov 8, 2011, 11:07 GMT
London - Britain's Lloyds Banking Group Tuesday reported a loss of 3.9 billion pounds (6.3 billion dollars) for the first nine months of 2011, related chiefly to compensation payments made for the mis-selling of payment protection insurance, figures showed.
The bank, in which the taxpayer has a stake of 41 per cent, said it paid 3.2 billion pounds covering claims from clients following a scandal over mis-selling of the policies in the past years.
The loss in the nine months up to the end of September compares with a profit of 2 billion pounds for the same period in 2010.
Lloyds said that underlying profits dipped by 21 per cent to 644 million pounds in the third quarter, due mainly to a drop in demand for loans in a 'weakening economic environment.'
The bank also revealed that its exposure to riskier eurozone countries had risen to 179 million pounds over the past nine months, compared with 156 million pounds in the same period a year ago.
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