The Lloyds Bank Group has posted a loss of £570 million for the year end, better than analysts had expected but dragged down by provisions of £3.6 billion over claims due to mis selling of PPI (payment protection insurance). They made a loss of £3.5 billion the year before and have had to make total provision of £6.8 billion due to PPI related claims.

These figures also included £310 million set aside to meet claims over mis selling of interest rate swaps, a more technical product marketed to corporate customers, rather than PPI that was consumer focused.

Lloyds has yet to be fined over the part it has played in Libor rate rigging, one of a number of banks being investigated, with Barclays, the first in the "fine" line, paying £290 million for their part in this international scandal, involving a number of major banks.