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. In a statement, RBS said: “While we are disappointed that our customers have not received their compensation, we remain committed to working with them and other affected parties on compensation packages as soon as possible.” The company’s profits for the first nine months of 2016 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.