Lloyds TSB headquarters in London
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Losses at Lloyds narrow to £570m

Lloyds Banking Group has narrowed its pre-tax losses for 2012 to £570m, from £3.5bn the previous year.

The group, which is 40%-owned by the government, said its losses were primarily because of making provisions of £3.6bn for the mis-selling of payment protection insurance (PPI).

This included £1.5bn set aside in the fourth quarter for PPI.

Adam Parsons reports.

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