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Lloyds ups PPI provisions to 1.2-1.8 bln stg, suspends buyback

Credit: REUTERS/© Peter Nicholls / Reuters

Lloyds Banking Group will make extra provisions for payment protection insurance (PPI) claims of 1.2 to 1.8 billion pounds (($1.47-2.21 billion) in its third quarter results and will suspend the rest of its 2019 buyback programme, it said on Monday.

LONDON, Sept 9 (Reuters) - Lloyds Banking Group LLOY.L will make extra provisions for payment protection insurance (PPI) claims of 1.2 to 1.8 billion pounds (($1.47-2.21 billion) in its third quarter results and will suspend the rest of its 2019 buyback programme, it said on Monday.

Banks are setting aside more provisions for PPI following a rush of claims against mis-selling of the insurance ahead of the deadline on Aug 29.

($1 = 0.8154 pounds)

(Reporting by Carolyn Cohn Editing by Rachel Armstrong)

((carolyn.cohn@thomsonreuters.com; 44 207 542 6320; Reuters Messaging: carolyn.cohn.thomsonreuters.com@reuters.net))

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