Lloyds posts nine month loss

Lloyds Banking Group has reported a £3.9bn loss for the first nine months of 2011.

The majority of the loss has come from settling PPI claims, £3.2bn, in the first six months of the year. The total income for the group has also fallen by 15% to £15.3bn, which indicates a decline in business levels. 

Lloyds said its latest results came against a backdrop of a weakening UK economic environment.