Lloyds makes progress despite challenges

In a third quarter update, Lloyds Bank said it is making progress despite delivering a statutory loss before tax of 583m pounds for the first nine months of the year, including a further Payment Protection Insurance (PPI) provision of 1bn pounds in the third quarter.

In a third quarter update, Lloyds Bank said it is making progress despite delivering a statutory loss before tax of 583m pounds for the first nine months of the year, including a further Payment Protection Insurance (PPI) provision of 1bn pounds in the third quarter.

Legacy issues continue to affect its results and a provision of £2.08bn relating to its PPI business, of which £1bn was in the third quarter, was the primary driver behind the statutory loss of £583m for the first nine months of 2012, against a loss of £3.86bn in the same period in 2011.

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