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Lloyds Posts************ Unexpected************ First-Half Loss on Insurance Redress

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Thu, 26 Jul 12 7:50 PM | 27 view(s)
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Lloyds Posts Unexpected First-Half Loss on Insurance Redress
By Gavin Finch and Howard Mustoe - Jul 26, 2012 8:33 AM PT

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Lloyds Banking Group Plc (LLOY), the first of Britain’s four biggest banks to report earnings, posted an unexpected loss after setting aside additional money to compensate clients mis-sold loan insurance.

The net loss narrowed to 641 million pounds ($998 million) in the first half from 2.28 billion pounds in the year-earlier period, the London-based lender said in a statement today. Analysts had predicted a 314 million-pound profit, according to the median estimate of five surveyed by Bloomberg. Lloyds set aside a further 700 million pounds in the second quarter to compensate customers mis-sold payment protection insurance.

http://www.bloomberg.com/news/2012-07-26/lloyds-first-half-net-loss-misses-estimates-on-ppi-compensation.html




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