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Payment protection scandal eating away at banks' profits

The Lloyds Banking Group, Barclays and the Royal Bank of Scotland (RBS) are expected to reveal wholesale losses due to the consequences of the payment protection insurance (PPI) scandal.

Third quarter results are set to push the financial institutions into the red. Lloyds has to put aside £2 billion for PPI claims, bringing its total losses up to over £6 billion, while Barclays has had to increase its provisions by £700 million.

Barclays is to disclose losses of £100 million and RBS is anticipating that more than £500 million will have to be put to one side for PPI, as well as £200 million for interest rate swaps that were also mis-sold.

The latest statistics will bring the overall cost of the PPI scandal to the UK banking industry to more than £10 billion.

Lloyds also has further concerns that it could end up becoming embroiled in the global Libor rate fixing scandal, which could have further impacts on its bottom line.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801477894-ADNFCR

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