The Courier & Advertiser (Angus and Dundee)

Rising PPI bill for Barclays

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Profits at Barclays fell by 21% in the first half of the year as the bank set aside a further £400 million to compensate customers mis-sold payment protection insurance (PPI).

Profits for the six months to June 30 fell from £2.6 billion last year to £2bn.

The mis-selling scandal has so far cost Barclays a total of £7.8bn.

Profits were depressed by a £1.9bn loss on parts of the business that the bank earmarked for sale.

Chief executive Jes Staley said he had no plans to alter the bank’s strategy of selling parts of the business and strengthen­ing its retail and investment banking operations as a result of Brexit.

He said: “We remain confident that it is the right plan for Barclays, and see no reason to adjust it, or the pace of delivery, in light of the vote by the UK last month to exit the EU.”

Shares in the lender rose more than 5%, or 8.1p, to 154.6p.

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