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Lloyds PPI bill hits £5.3m

The bill for mis-sold payment protection insurance (PPI) at taxpayer-backed Lloyds Banking Group smashed through the £5 billion barrier today as claims against the bank continue to pile up.

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Extra PPI costs turn Lloyds' profitable quarter into loss

The extra charge pushed Lloyds, which is 40% owned by taxpayers, to a £144 million loss in the third quarter.

Stripping out the cost of PPI, though, the bank doubled its underlying profit to a better-than-expected £840 million in the three months to September 30.

The gains came after Lloyds slashed bad debts and narrowed losses from its non-core businesses.

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