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Barclays earmarks another £300m for PPI claims

Barclays Bank has earmarked a further £300 million to cope with the misselling of payment protection insurance (PPI), as the cost of the issue continues to increase.

The company had already set aside £1.3 billion for this purpose after a jump in the number of PPI claims it had to deal with.

While this contingency reduced its overall income, when removing PPI refunds and other one-off expenses the bank managed to realise a 22 per cent rise in pre-tax profits, which hit £2.4 billion.

The City had expected the institution to receive around £2 billion but Barclaycard and the UK's retail banking sector performed better than expected.

Barclay's chief executive Bob Diamond has come under fire recently for receiving an £17.7 million pay package over 2011, but the firm did not mention this during its quarterly update.

"We are pleased with the development of the competitive positions across our businesses and have improved our adaptability to the changing environment," the company's interim management statement read.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801350452-ADNFCR

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