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Lloyds seen booking extra £410M provision for payment protection insurance

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Lloyds seen booking extra £410M provision for payment protection insurance

Lloyds Banking Group PLC is expected to book further provisions of around £410 million for the second quarter to cover payment protection insurance costs, The Times of London reported, citing UBS analysts.

The British lender, along with other banks, will likely book extra provisions because of an increase in claims following a U.K. Financial Conduct Authority advertising campaign, according to the July 30 report. Claims are also set to rise as consumers rush to file complaints before the August 2019 deadline set by the regulator.

Lloyds has already incurred the largest bill for payment protection insurance costs among big U.K. banks at £18.8 billion and upped its provisions by £90 million in the first quarter, the newspaper noted. Lloyds, which reports second-quarter results Aug. 1, is expected to book profits of around £3.2 billion, The Times added.