Lloyds misses profit, partly blaming wealth business move

London — Lloyds Banking, Britain’s biggest mortgage lender, blamed the cost of compensating mis-sold insurance customers and moving its wealth business for a quarterly profit that missed forecasts.

“We are disappointed by the outcome but we accept it and we are moving on,’ CFO George Culmer said during a media call, refusing to give a specific number for the the break fee Lloyds will have to pay.The bank also has bills left to pay for its past misconduct. Lloyds posted a further £100m provision for customers who were mis-sold payment protection insurance. The scandal hit many UK banks, but Lloyds’s running total of £19.4bn by the end of 2018 makes it the biggest spender.

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