The UK bank today announced a Q1 profit of £1.7 billion, a little better than many expected, but once a £1.4 billion pound fine from the US Justice Department was included (for selling sub-prime mortgages) and another £400 million hit for miss-selling PPI in the UK, - it ended up losing money. Its tier 1 ratio dropped from 13.3 per cent to 12.7 per cent as reserves were impacted by the fines.
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