Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
LONDON (AP) - Britains' part-nationalized Lloyds Banking Group has posted a sharply wider third-quarter loss, hurt by costs incurred from asset sales.
The lender reported a net loss of 1.3 billion pounds ($2.25 billion) in the quarter ended Sept. 30, compared with a loss of 374 million pounds in the same period a year earlier.
Lloyds, which must sell part of its network to comply with the European Commission's terms for receiving a government bailout, said its overall performance was weighed down by losses of 709 million pounds on asset sales.
The bank also said it must put aside a further 750 million pounds to pay for the mis-selling of insurance products _ bringing the total it has set aside over the scandal to 8 million pounds.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)