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PPI compensation contributes to Lloyds Banking Group's £3.5bn loss

Lloyds Banking Group has made a £3.2 billion provision for Payment Protection Insurance claims, which resulted in it posting a loss of over £3.5 billion in its results for 2011.

However, the firm said this was "in line with expectations" and called its trading performance in the year "resilient".

The group's chief executive Antonio Horta-Osorio argued the company is now in a "significantly stronger position" than it was one year ago.

It intends to improve its balance sheet during the coming year, will reduce its non-core assets by an estimated £25 billion and is to enhance its funding position, he stated.

The representative admitted the banking sector has endured a great deal of criticism recently.

"We recognise that significant work is required to rebuild trust with customers and other stakeholders," Mr Horta-Osorio added.

The group recently cut the bonuses of its senior employees following the judicial review into PPI in April 2011, with 13 individuals affected so far.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801302385-ADNFCR

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