The Lloyds banking group has reported a loss of £3.9bn for PPI settlements in 2011. These figures calculated up until the 30/09/11 confirm the huge number of settlements that Lloyds are reporting to pay to victims of mis-selling. Lloyds confirmed that during the 9 month period they spent £3.2bn covering the ppi settlements and that is why they have reported such alarming losses.

Not only have Lloyds lost significant figures for the mis-selling of ppi but it’s total business also fell 15% to £15.3bn indicating a decline in overall business transactions. These figures are certainly interesting ones considering the current economic climate. It is expected that Lloyds will now conduct an internal review into their operating procedures in an attempt to reduce costs and maximise revenues.