Bank executives had only paid half of the total £32 billion payment protection insurance according to official figures from the Professional Financial Claims Association.
Their research showed that the UK finance industry only had £11.5 repaid to consumers mis-sold payment protection insurance.
Despite its huge bills as the biggest PPI mis-seller in the United Kingdom, Lloyds’ stocks and value still remains afloat.
Observers attribute this to their initiative to help 5,000 new exporters as part of the UK government’s campaign to improve the economy. About 25,000 first-time exporters would receive help from the bank by the end of the decade.
Lloyds has declared it is willing to spend about £450 million to improve digital technology for these exporters and training to use these new technologies.
In 2015, Lloyds has set aside more than £2.1 billion in the second half. For the entire 2015, the bank has incurred more than £4 billion for its mis-sold payment protection insurance bill.
This has brought up the bill up to £16 billion, almost half of the payment protection insurance total for the entire United Kingdom.