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PPI costs lead to a £47m third-quarter loss at Barclays

Barclays have posted a third-quarter loss of £47 million as the cost of PPI claims and the impact of the charges on the value of its debt mount.

In the same period last year the financial institution posted profits of £2.4 billion and £1.2 billion in the second quarter.

The loss has been mostly caused by the £1.1 billion charge against its own debt and £700 million for PPI compensation. When adjusted, the figures indicate a profit of £1.7 billion, which is close to City analysts' forecasts.

Barclays has, in total, set aside £2 billion for PPI claims.

As a result of the losses, the bank has reduced its bonus pool by ten per cent when compared to the same period in 2011. It would also have performed better if it did not have to meet the costs of deferred bonuses from previous years, which stood at £942 million this year.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801479548-ADNFCR



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