Bar­clays bank falls into net loss on vast charges

The Pak Banker - - Front Page -


British bank Bar­clays, which was rocked by a rate-rig­ging scan­dal ear­lier this year, said on Wed­nes­day it fell into a ninemonth net loss as it took a vast charge on the value of its own debt. Bar­clays, which also took a large pro­vi­sion for in­sur­ance mis-sell­ing, said in a re­sults state­ment that losses af­ter tax­a­tion stood at £200 mil­lion ($321 mil­lion, €248 mil­lion) in the nine months to Septem­ber. That com­pared with £2.7 bil­lion last time around. The bank had al­ready flagged two weeks ago that it would take a £1.01-bil­lion charge on the ris­ing value of its own debt. The group, which suf­fered a board­room shake-up af­ter the Li­bor in­ter­est rate-rig­ging scan­dal, had also an­nounced it would set aside an­other £700 mil­lion ($1.13 bil­lion, €862 mil­lion) to com­pen­sate clients mis-sold in­sur­ance.

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