Lloyds Bank makes further PPI payments of £375m

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Lloyds Bank has announced that its payment protection insurance misselling has cost it a further £375m.

The 40% state-owned bank said its Q1 statutory profit before tax was £288m (2011: £ 316m), "including a further PPI provision of £375m for costs of customer contact and redress given the increase in the volume of complaints being received".

Last week Barclays reported a Q1 statutory loss before tax of £475m (2011: £1,655m profit), including an additional provision of £300m for payment protection insurance redress.

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