Profits hit as total held back for payouts at almost £1.2bn amid uncertainty ‘around final financial impact’
Lloyds Banking Group has been forced to put aside another £700m for potential compensation over the ballooning car loan commission scandal, in a move that knocked its annual profits by 20%.
The fresh provision marks a notable jump in the bank’s estimates for the potential cost of the scandal and brings the sum it will hold back for payouts to almost £1.2bn. RBC Capital has estimated that the bank could ultimately be on the hook for up to £4.6bn.
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Source: https://www.theguardian.com/business/2025/feb/20/lloyds-puts-aside-another-700m-for-compensation-over-car-finance-scandal
