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Lloyds will announce its full-year figures on 25 February, and traders are anticipating revenue of £17.77 billion and adjusted net income of £5.92 billion. These forecasts represent a 3.2% fall in revenue and an 8% drop in adjusted net income. The bank will also reveal its second-half numbers on the same date, and investors are anticipating revenue of £8.73 billion and adjusted net income of £2.42 billion, which compares with the first-half revenue and adjusted net income of £8.96 billion and £4.06 billion respectively.
Lloyds is still setting cash aside for the payment protection insurance (PPI) compensation fund, which nearly totals £14 billion. The company is by far the worst offender of the UK banks for mis-selling PPI. October 2018 is going to be the government imposed deadline to claim mis-sold PPI, but at the rate at which Lloyds is setting aside funds, further provisions seem likely.
The bank stated its commercial division was finding trading conditions challenging and total income declined in the latest quarter. Flooding is going to have a negative impact on the insurance side of the business. Westminster has been winding down its stake in the lender, and it hopes to return it to private ownership but the process might be slowed down should the outlook continue to be uncertain.