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Lloyds To Take Incremental Charge For PPI Claims; Suspends Buyback Programme

Lloyds Banking Group plc (LLOY.L,LYG) said it now estimates the Group will need to make an incremental charge for Payment Protection Insurance or PPI claims, in addition to the provisions to 30 June 2019, in the range of 1.2 billion pounds to 1.8 billion pounds in its third-quarter Interim Management Statement. In August, the Group received approximately 600,000 to 800,000 PPI information requests per week, well above the previous assumption.

Due to the uncertainty regarding the final outcome for PPI, the Board has decided to suspend the remainder of the Group's 2019 buyback programme. The Board will give consideration to the distribution of surplus capital at the year end and continues to target a progressive and sustainable ordinary dividend.

The Group now expects statutory return on tangible equity to be lower than its 2019 guidance of around 12 percent.

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