LONDON, Oct 26 (APP/AFP) – Britain’s state-rescued Lloyds Banking Group on Wednesday said it had set aside a further #1.0 billion ($1.2 billion, 1.1 billion euros) to compensate customers who were mis-sold insurance. The hit contributed towards LBG reporting a sharp drop in third-quarter net profits, to #219 million compared with a year earlier, the company said in an earnings statement. However, profit after tax for the nine months to the end of September jumped 30 percent to #2.0 billion. The update comes amid widespread concern across the financial sector that Brexit will hamper Britain-based banks in carrying out business across the European Union.
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Lloyds bank sets aside #1bn more for mis-selling costs
