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Lloyds profits rise despite further mis-selling costs

state-rescued Lloyds Banking Group said on Friday that net profits rose by 31 percent in the first half, despite setting aside further funds for compensation for insurance mis-sellingBritain’s state-rescued Lloyds Banking Group said Friday that net profits rose by 31 percent in the first half, despite setting aside further funds to compensate customers who were mis-sold insurance. Profit after tax rose to £874 million (1.245 billion euros, $1.364 billion) in the six months to June from the first half of 2014, LBG said in an earnings statement. This was despite LBG setting aside a further £1.4 billion to cover compensation to customers who were mis-sold payment protection insurance (PPI), taking the lender’s total bill to £13.4 billion including administrative costs — far higher than any other British bank caught up in the scandal.

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