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UK banks endure more losses for PPI mis-selling scandal  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 03/11/2012

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(MENAFN - Kuwait News Agency (KUNA)) British Taxpayer-backed Royal Bank of Scotland racked up another 450 million pounds in charges today as it counted the mounting cost of its recent IT meltdown and the PPI mis-selling scandal.

The 80% state-owned bank took an extra 400 million pound hit in the third quarter to cover the cost of payment protection insurance mis-selling, bringing its total bill to 1.7 billion pounds.

The cost of dealing with the fallout of the computer glitch that locked many RBS, NatWest and Ulster Bank customers out of their accounts also rose by 50 million pounds to 175 million.

The mounting provisions came as the bank, which has 30 million customers worldwide, unveiled a pre-tax loss of 1.3 billion pounds, compared to a 2 billion profit in the same period last year.

The total mis-sold PPI bill for Britain's big four lenders has risen to more than 10 billion pounds, with HSBC forecast to post a more modest provision next week.

Fellow state-backed lender Lloyds Banking Group yesterday set aside another 1 billion pounds to cover PPI claims, bringing the total to 5.3 billion, while Barclays announced an additional 700 million pounds, giving it a total of 2 billion pounds.

 






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