PPI costs push Lloyds into loss

4 August 2011 Last updated at 02:20 ET

The cost of compensating customers who were mis-sold payment protection insurance pushed Lloyds to a £3.3bn loss for the six months to 30 June.

The bank announced in May that it was putting aside £3.2bn to pay customers who had been mis-sold.

Excluding one-off expenses, the High Street bank reported a decline in pre-tax profit to £1bn from £1.6bn in 2010.

Lloyds, 41%-owned by the taxpayer, recently announced a cost cutting programme including 15,000 job losses.

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