Lloyds braces itself for fresh £1 billion redress charge
Despite the charge provision, analysts expect it to post Q3 pre-tax profit of £1.49 billion
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LLOYDS Banking Group plc will probably take a further £1 billion (S$2.1 billion) charge for wrongly sold loan insurance in the year's second half, undermining efforts to clean up the bank as the government prepares to sell shares to individuals.
The UK's largest mortgage lender could book the provision for payment protection insurance (PPI) in the third or fourth quarter, according to five analysts ranging from Deutsche Bank AG to UBS Group AG. That would push total PPI provisions to about £14.4 billion, more than any other lender, in Britain's biggest banking scandal since the financial crisis. The London-based lender is scheduled to report earnings on Oct 28.
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