Lloyds ups PPI provisions to 1.2-1.8 billion sterling, suspends buyback

FILE PHOTO: A sign hangs outside a Lloyds Bank branch in London, Britain, February 21, 2017. REUTERS/Toby Melville - Copyright Toby Melville(Reuters)

By Reuters

Published on 09/09/2019 - 08:34•Updated 25/04/2024 - 10:18

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LONDON (Reuters) - Lloyds Banking Group <LLOY.L> will make extra provisions for payment protection insurance (PPI) claims of 1.2 to 1.8 billion pounds in its third quarter results and will suspend the rest of its 2019 buyback programme, it said on Monday.

Banks are setting aside more provisions for PPI following a rush of claims against mis-selling of the insurance ahead of the deadline on Aug 29.