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Barclays sets aside £700m more for PPI claims

Barclays has allocated an extra £700m to pay compensation claims for the mis-selling of payment protection insurance.

The news came as the banking group reported a £1.2bn loss for the first half of 2017 after the sale of part of its business in Africa.
However, if Africa-related issues are stripped away from this, the bank’s pre-tax profit was up 13% year-on-year to £2.341bn.
The group reduced its stake in its African operations as part of a global re-think revealed last year – it recently sold 33.7% of Barclays Africa so it could focus on operations in Britain and the US.
It retains about 15% in the African business.

The group’s chief executive Jes Staley said: “Our business is now radically simplified, the restructuring is complete, our capital ratio is within our end-state target range and, while we are also working to put conduct issues behind us, we can now focus on what matters most to our shareholders – improving group returns.”
Barclays shares were up 1.87% in early trading.
More follows…

Source: Sky

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