Extracted from today's FT keltickilla The government-backed bank reported a 15 per cent fall in pre-tax profit in the third quarter after earmarking another £1bn for PPI — taking its total compensation pot to £17bn.
George Culmer, chief financial officer of Lloyds, said on Wednesday that the latest £1bn provision was aimed at covering claims up until the deadline. He added: “So it would be the last big PPI provision that we would expect to take ”. Cheers
The point I am getting at is that provisions and actual paying out are different. I have looked through announcements and can not seem to find what has actually been paid out thus far in comparison to the provisions. I'm thinking 2019 at the least will be a bumper profits year as I don't feel the bank is actually paying out any where near the provisions as do many.
The Hurricane is wrong but he will live on. The results were acceptable but where is the future. I still warn members tobeware their capital over the coming 18 months. A weak buy is still my long term reccommendation
One could smell the fear when hurricane posted. Everyone dared not to respond in case he was right...Tee hee. He still might be, but to alarm people like that is a little disconcerting overall, hence I have awarded him smallest willy in the universe. Meanwhile back at the ranch, berenberg are still gloating over the fact that the SP has been hovering around their forecast now for some considerable time.
Remember only 5 months ago we were all giggling in our soup about their pathetic forecast?
So I will now dispense the curse of Zoros on this SP and declare an SP of 44p by year end due to bad news from the EU. Curse - do your stuff..........
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