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Lloyds bank posts net profit slump on mis-selling scandal

Lloyds Banking Group announced a 59-percent slump in annual net profitsLloyds Banking Group on Thursday announced a 59-percent slump in annual net profits on huge fresh costs linked to the mis-selling of a controversial insurance product. LBG, which has been returned almost fully to the private sector after a state-bailout during the financial crisis, said in a statement that profit after tax tumbled to £466 million ($648 million, 590 million euros) last year compared with £1.125 billion in 2014. It was dragged down by a further £2.1-billion provision incurred in the fourth quarter to compensate customers who were mis-sold payment protection insurance (PPI).

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