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Banks to admit profits have been wiped out by PPI costs

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Three of Britain’s biggest banks will this week admit that billions of pounds of profits have been wiped out by rising claims for mis-selling payment protection insurance (PPI).

 

Third quarter results by Lloyds Banking Group, the Royal Bank of Scotland and Barclays are expected to show that despite advances of the past three months, the banks have been pushed in to the red by the mounting PPI scandal. Lloyds may have to set aside as much as £2bn against PPI claims pushing its total losses to more than £6bn. Barclays has raised it provisions by £700m. RBS, which is reporting its first results since exiting the Government’s asset protection scheme, is forecast by some analysts to break even this quarter. However the bank is expected to set an extra £500m against PPI and as much as £200m for mis-selling interest rate swaps to small businesses, which will cause it to report an overall loss.

 

The cost of the PPI scandal to the British banking industry is pushing above £10bn. Barclays, which is expected to unveil an overall loss of £100m, is planning to axe the salaries of its leading investment bankers in response both to the results and the demand for a less excessive culture.

 

More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9639400/Banks-to-admit-profits-have-been-wiped-out-by-PPI-costs.html


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