Lloyds profits miss expectations after fresh £1.8 billion mis-selling hit

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

By Reuters

Published on 31/10/2019 - 08:34•Updated 25/04/2024 - 09:57

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LONDON (Reuters) - Britain's biggest mortgage lender Lloyds Banking Group <LLOY.L> posted weaker-than-expected third quarter pre-tax profits on Thursday, after making a further 1.8 billion pound provision for mis-sold loan insurance payouts.

The bank posted pre-tax profits of 50 million pounds for the three months to end-September, below forecasts of 163 million pounds, according to a company-provided average of analyst forecasts.