Saturday, May 7, 2011

Lloyds Reports $4.02 Billion Loss

Saturday, May 7, 2011

LONDON—Lloyds Banking Group PLC Thursday said it set aside £3.2 billion ($5.28 billion) to cover the potential costs of customer payouts over mis-sold payment- protection insurance, resulting in a £2.44 billion net loss in the first quarter.

The decision to make the PPI provision came after a court judgment two weeks ago against an appeal by banks over the matter and following discussions with the Financial Services Authority, Lloyds said.

Underlying first-quarter revenue slipped to £5.2 billion from £5.9 billion, and was also down from the quarter earlier. The bank said the decline reflected lower banking net-interest margins, ...

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