Lloyds Bank has said it has put aside another £460m in costs for payment protection insurance (PPI) mis-selling claims.
The provision came as Lloyds said its profits for the first six months of the year rose by nearly a quarter.
It made pre-tax profits of £3.1bn, 23% higher than the same time last year.
Chief executive António Horta-Osório said: “We have delivered another strong and sustainable financial performance with increased statutory profits, higher returns and a strong capital build.”
Lloyds said the latest PPI charge was “largely driven by a potentially higher total volume of complaints and associated administration costs due to higher reactive complaint volumes received over the past six months and ongoing volatility”.
It added: “The remaining provision is consistent with an average of approximately 13,000 complaints per week through to the industry deadline of the end of August 2019.”
It said that every extra 1,000 complaints a week above that level would cost it another £150m.
The bank said it had sold an estimated 16 million PPI policies since 2000, including policies that were not mis-sold and those that had been successfully claimed upon.
It has already dealt with about 53% of those policies.
This means that 47% of these policies HAVE NOT BEEN DEALT WITH. With the deadline for PPI claims fast approaching, 29th August 2019, you need to contact Legal Force now to make your claim.
If you’ve previously been sold a Payment Protection Insurance (PPI) policy alongside a loan, mortgage or credit card, there is a chance you may have been mis-sold and have a right to reclaim £1,000s in compensation.
Should you decide to make a claim through Legal Force, we aim to recover 100% of any premiums that you have paid. Plus any interest paid on those premiums and where possible a further 8% in statutory interest.
source BBC News