Lloyds Banking Group has allocated a further £1 billion to cover compensation for customers who who mis-sold PPI, bringing its total pot to £5.275bn.The further provision means that Lloyds has will now post a loss of £144 million for the third quarter of the year.However, despite this news, Lloyds shares rose by seven per cent in morning trading, indicating it has not harmed its reputation.A number have banks have had to set aside further money to deal with PPI claims, with Barclays' recently adding an extra £700 million to their pot.In total, banks have now set aside £5.275 billion for PPI compensation.Lloyds said the need to set aside further PPI provision was a disappointing 'legacy issue'.The organisation's chief executive Antonio Horta-Osorio said: "The volume of complaints received in relation to legacy PPI business during the third quarter declined when compared to the previous quarter."Charles Baker Charles is a reputed financial analyst with decades of experience under his belt.
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