The bank’s pre-tax profits rose to £3.1 billion in the first six months of the year TOBY MELVILLE/REUTERSA drop in the cost of payment protection insurance compensation claims has helped boost pre-tax profits at Lloyds Banking Group by more than a fifth for the first half of the year. Britain’s largest high street lender reported a 23 per cent rise in pre-tax profits to £3.1 billion as PPI provisioning costs nearly halved year on year to £550 million from more than £1 billion in the same period last year. The latest PPI provision, which included an additional £460 million in the second quarter, takes the total cost of the PPI mis-selling scandal to Lloyds to £19.2 billion. The bank said that it did not expect to have to add much more to its compensation pool. Lloyds said that on the back of…

Source: The Times August 01, 2018 08:03 UTC