HSBC is the latest bank to release its annual figures which have revealed it has £429 million still available to pay future successful PPI claims before the PPI claims deadline in August.
CYBG – parent company of Clydesdale and Yorkshire Banks – and Santander have already announced similar amounts in their PPI pot while Royal Bank Of Scotland (RBS) has £600 million available.
The figures revealed HSBC has already received 1.78 million claims and expects to get another 183,000 before the deadline.
So far they have upheld 77% of claims in favour of their customers and expect this to rise to 83% for new claims received. Average redress so far has been £2,110 and this too is expected to rise to £2,420.
The bank has sold 5.4 million PPI policies since 2000 and estimate they generated revenues of £2.5 billion. Gross premiums on the policies have been estimated at £3.2 billion.
The bank has reported a lower than expected rise in pre-tax profits of 15.9% which was blamed partly on the economic slowdown in China and Hong Kong.
The bank makes three quarters of its profits in Asia and the trade war between China and the United States at the end of last year has affected profitability.
Chief executive John Flint said the bank was ready for Britain’s exit from the European Union, saving its operations in France ‘give us a major advantage in this regard’.