PPI claims hit Lloyds share price

Lloyds Banking Group (LON:LLOY) shares declined by 1.5%, to 56.71 (as of 15:25 GMT), on the back of its third quarter results.

For the three months ended 30th September 2019, the UK bank swung to a net loss of £0.24 billion, from a profit of £1.42 billion a year earlier, driven by an unprecedented level of PPI information requests ahead of the end-August deadline. Excluding PPI provisions, underlying profit decreased by 12% to £1.82 billion.

Year to date, net profit and underlying profit decreased by 47% (to £1.99 billion) and by 5% (to £6.02 billion), respectively.

The company added that although continued economic uncertainty could further impact the outlook, it remains well placed to support customers and to continue to ‘Help Britain Prosper’.