Car compo dents Lloyds' earnings

PROFITS A THIRD LOWER THAN LAST YEAR

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LLOYDS Banking Group has reported a 36 per cent drop in its earnings for the third quarter as it felt the impact of an extra £800million charge to compensate for unfairly sold car loans.

The bank reported a pretax profit of £1.2billion between July and September, more than a third lower than the £1.8billion made over the same period last year, although it came in above the £1billion profit most expected.