Lloyds’ PPI compensation bill reaches £13bn

But the bank still increased profits by 38%

The total sum Lloyds has paid out to victims of the payment protection insurance (PPI) scandal has reached £13bn so far.

The bank released its half-year results this morning, showing healthy profit growth - £1.19bn, compared with last year’s £863m.

Lloyds set aside another £1.4bn to compensate victims of the scandal, after being fined a record £117m by the Financial Conduct Authority (FCA) last month for failing to handle the complaints properly.

Despite these payouts, the bank still increased profits by 38%.

Lloyds’ chief executive Antonio Horta-Osorio said: “Today’s results demonstrate the strong progress we have made in the first half of the year.

“We remain focused on our aim to become the best bank for customers and shareholders, while at the same time supporting the UK economy.”

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