The figure includes an additional £1bn charge for PPI – a scandal that has now cost the bank £18.1bn since it first started taking provisions in 2011. In addition to the £1bn PPI charge, the bank set aside another £540m in the first half. Another £58m will be used to cover the administrative costs of paying the compensation, while another £212m is related to arrears handling of unsecured lending. Lloyds said the latest provision was needed because complaints had increased to 9,000 a month ahead of the FCA’s time bar on complaints of August 2019. But the Lloyds chief executive said he was confident about the UK economy, which he insisted “remains resilient”.

Source: The Guardian July 27, 2017 08:26 UTC