Lloyds Banking Group count cost of £1.1 billion ‘legacy issues’

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Lloyds Banking Group continued to count the cost of past misdemeanours today after taking a further £1.1 billion hit from “legacy issues” in the year to date.

The bill included an extra £600 million to cover mis-sold payment protection insurance (PPI) and £226 million from this week’s revelations on rate-rigging, which included its manipulation of the Bank of England life-support scheme.

Excluding the one-off charges, Lloyds said its underlying performance continued to improve as it reported a 32% jump in profits to £3.8 billion for the six months to June 30.


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