Lloyds sets aside £1.2bn for car finance saga

Lloyds sets aside £1.2bn for car loan mis-selling payouts
Lloyds Banking Group has nearly tripled the amount it is setting aside to cover the car finance mis-selling scandal to £1.2bn, knocking its profits for the year. It is putting aside an extra £700m to cover potential compensation payments, on top of £450m earmarked earlier.
Lloyds triples car finance compensation provision to £1.2bn
Lloyds Banking Group has nearly tripled the funds set aside to cover potential compensation for car finance mis-selling, raising its provision to £1.2bn. The move has impacted the bank’s annual profits,
Britain's Lloyds sets aside $882 million more for car finance probe
Lloyds Banking Group reported full-year profit below expectations on Thursday, weighed down by money it set aside for potential consumer redress in relation to a motor finance probe.
Lloyds profits shrink by a fifth as car finance saga drives up provisions
Lloyds Banking Group posts a 20% fall in annual profits to £5.97bn, missing expectations as the car finance commission scandal prompts a further £700m provision. Loans and deposits rise, while analysts highlight Lloyds’ improved loan quality despite inflationary pressures.
Lloyds sets aside another £700mn after car finance probe
Lloyds already booked a £450mn provision last year to cover potential car finance mis-selling costs, after the Financial Conduct Authority began a probe of “discretionary commission arrangements”, where car dealerships received bigger commissions for charging higher interest rates on car finance loans.
Lloyds sets aside £700m more for car finance probe
Lloyds Banking Group has today warned of "significant uncertainty" around the impact of a British motor finance inquiry, after it set aside another £700m to cover a potential compensation scheme.
Lloyds puts aside further £700 million for car finance scandal compensation
Lloyds’ pre-tax profits for the year to December are down 20% to just under £6bn, compared with £7.5bn last year.
Lloyds profits sink as it sets aside an extra £700m to cover 'PPI on wheels'
Lloyds Banking Group saw its annual profit fall below forecasts as it braces itself for the financial fallout from potential consumer redress in respect of a motor finance probe.
Lloyds sets aside £1.2bn for car finance saga as profits slide by a fifth
Lloyds has revealed it has set aside £1.2 billion to cover potential compensation costs for motor finance commission arrangements, as the bank’s annual profit slid by a fifth. An additional £700 million provision taken in the final three months of the year adds to the £450 million already confirmed last year.
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