BREAKING NEWS

BREAKING NEWS

Lloyds in the red from Irish loans and insurance mis-selling

Now Reading:

Lloyds in the red from Irish loans and insurance mis-selling

Text size Aa Aa

Lloyds Banking Group has posted a first-half pre-tax loss the equivalent of 3.7 billion euros.

The bank, which is 41 percent owned by the UK government after being bailed out, blamed the cost of compensating its customers for mis-sold insurance. It has set aside almost 3.7 billion euros for that.

Another drag on profits was losses from loans in Ireland which have not been repaid. Losses on bad loans at its Irish operations hit 1.8 billion pounds (2.07 billion euros) in the first six months of the year, 14 percent worse than the figure of just under 1.6 billion pounds reported a year ago.

Lloyds said its direct exposure to the national and local governments of Spain, Italy, Portugal, Ireland, Greece and Belgium totalled 189 million pounds (217.5 million euros).