Barclays has assigned an additional £600m ($731m) to meet the cost of claims over the mis-selling of payment protection insurance (PPI). The bank’s full allocation for such claims, the deadline for which has been extended to the first nine months of 2016, has now reached £8.4bn. On Wednesday, Lloyds Bank announced it would assign an extra £1bn to meet potential claims. Despite the news, Barclays reported a 35% rise in Q3 profits. The company’s profits for June 2019 fell to £2.9bn, down 10% due to disposal of “non-core” businesses.
Barclays has assigned an additional £600m ($731m) to meet the cost of claims over the mis-selling of payment protection insurance (PPI). The bank’s full allocation for such claims, the deadline for which has been extended to June 2019, has now reached £8.4bn. On Wednesday, Lloyds Bank announced it would assign an extra £1bn to meet potential claims. Despite the news, Barclays reported a 35% rise in Q3 profits. The company’s profits for the first nine months of 2016 fell to £2.9bn, down 10% due to disposal of “non-core” businesses.