Lloyds Bank reports £3.3bn loss

The cost of compensating customers who were mis-sold payment protection insurance pushed Lloyds to a £3.3bn loss for the six months to 30 June.

The bank, which is 41%-owned by the UK government, said in May it was putting aside £3.2bn to cover PPI mis-selling.

Jonathan Charley, from the financial consultancy Bearing Point says income is down at the bank because of a lack of lending in the UK.

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