Lloyds Banking Group's Q3 net loss widens

Associated Press + More

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 This material may not be published, broadcast, rewritten or redistributed.