Jul 28, 2017
Barclays second quarter earnings knocked by PPI mis-selling costs
Barclays slightly beat the average 17 per cent fall in fixed income trading across the big US banks, which reported earnings last week. Barclays' separate UK operations generated a 6.3 per cent fall in revenues and slid to a loss of £285m, hurt by the £700m hit from the extra PPI provision. The bank's return on tangible equity fell slightly to 4.6 per cent in the quarter, far below its cost of capital. Barclays recorded a £2.5bn hit from selling a 33 per cent stake in its African operations, which it achieved with a placement to institutional investors two months ago in a deal designed to boost capital. Barclays has put aside a total of £9.1bn to cover the cost of compensating customers who bought PPI. On Thursday, Lloyds Banking Group took another £1.1bn provision for PPI redress.
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