Lloyds Bank shrugs off Libor fines with profit increase

LONDON, July 31 Thu Jul 31, 2014 2:18am EDT

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LONDON, July 31 (Reuters) - Lloyds Banking Group reported a 32 percent increase in underlying first-half profit, helping it absorb an increase in the cost of compensating customers mis-sold loan insurance.

The bank, which is 25 percent-owned by the government having been rescued during the 2008 financial crisis, reported an underlying profit of 3.8 billion pounds ($6.4 billion), benefiting from an increased margin and improving economic conditions.

Lloyds said it had set aside an extra 600 million pounds to compensate customers mis-sold payment protection insurance, taking its total bill to over 10 billion pounds. ($1 = 0.5913 British Pounds) (Reporting by Matt Scuffham; Editing by Steve Slater)

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