Lloyds makes extra £375m PPI claims provision

The announcement comes as the bank, which had announced a PPI claims provision of some £3.2bn last year, reported falling profits for the first three months of the year. Pre-tax profit for Q1 came in at £288m, down 9% from the same period last year, the bank said on Tuesday. Lloyds, which is 40%-owned by the government, said the extra PPI provisions were down to "the increase in the volume of complaints". Barclays last week made an extra £300m provision to meet PPI claims, on top of its initial £1bn provision.