Lloyds Banking Group has posted a loss of £3.251 billion for the first six months of the year.

The bank, which is 41% owned by the state, has put aside £3.2 billion for payment protection insurance (PPI) redress.

It also reported a 17% reduction in the impairment charge to £5.422 billion.

Ant&oacutenio Horta-Os&oacuterio, group chief executive, said: “We delivered a resilient first half performance