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August 12, 2022
Finance Technologies

Lloyds profits drop as PPI legacy takes its toll

Lloyds expected a surge in the number of complaints regarding mis-sold payment protection insurance (PPI) last year, impacting its bottom line. The UK bank saw a 26% drop in pretax profits to £4.4 billion, after paying £2.5 billion over 2019 to customers in PPI compensation. Lloyds CEO António Horta-Osório said in 2011 that PPI compensation was the “right thing to do” Having paid £750 million for PPI claims in 2018, the bank’s 2019 bill shot up to more than three times due to the Financial Conduct Authority’s (FCA) final August deadline for PPI reclaims. Ahead of the date, the bank…
Lloyds profits drop as PPI legacy takes its toll

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