08443 579321 | Mobile 01202 835111

Barclays sets aside extra £700m for PPI claims

Bank makes pre-tax profit of £2.3bn in first six months of the year, but is hit by loss on sale of part of its African business

Barclays has set aside extra £700m for the payment protection insurance mis-selling scandal and revealed it has taken a loss on the sale of part of its African business.

The bank reported profits for the first six months of the year of £2.3bn, up 13%, but the accounting treatment of the sale of its African arm resulted in a £1.2bn loss for shareholders.

The additional provision for PPI mis-selling takes Barclays’ total bill to £9.1bn and follows the move by Lloyds Banking Group on Thursday to increase its PPI provisions, taking its total to £18.1bn.

Leave A Comment