Lloyds Banking Group expected to announce profit

But Lloyds will be watched closely for any increase in £3.2bn provision for misselling of payment protection insurance

Lloyds Banking Group is expected to announce on Tuesday that it has edged back into profit in the first quarter of 2012 but will be watched closely for any increase in its £3.2bn provision for misselling of payment protection insurance.

Barclays raised its provision by a third to £300m last week and Lloyds is also expected to have been hit by the wave of claims that consumers have made since March.

Lloyds, which is just under 40% owned by the taxpayer, is not expected to increase its provision by the same proportion as Barclays although analysts believe it will be difficult to escape increasing the existing provision.

guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

Enjoyed this post? Share it!

 

Leave a comment

Your email address will not be published.