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Last-minute PPI claims slash Lloyds bank profits

Surge of mis-selling claims before August deadline cuts quarterly profit from £1.8bn to £50m

Lloyds Banking Group has put aside a further £1.8bn to cover a surge in payment protection insurance (PPI) complaints before the August claims deadline, which nearly wiped out its quarterly profit.

Including the PPI charge, the bank’s profit before tax slumped to £50m for the three months to 30 September, from a profit of £1.8bn in the third quarter last year. The result was weaker than expected.

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