Lloyds Banking Group will make extra provisions for payment protection insurance...
FILE PHOTO: A sign hangs outside a Lloyds Bank branch in London, Britain, February 21, 2017. REUTERS/Toby Melville
Banks are setting aside more money for PPI following a rush of claims against mis-selling of the insurance, ahead of the deadline on Aug 29. Lloyds said the charge will dent its profitability, scrapping its guidance that it will have a return on tangible equity of around 12% this year. It also warned that its capital build in 2019 will be below its ongoing 170 to 200 basis points per annum guidance.
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