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| Version 1 | Version 2 |
|---|---|
| Barclays sets aside extra £700m for PPI | Barclays sets aside extra £700m for PPI |
| (35 minutes later) | |
| Barclays has set aside an extra £700m to meet compensation claims for mis-selling payment protection insurance. | Barclays has set aside an extra £700m to meet compensation claims for mis-selling payment protection insurance. |
| The news came as the bank said costs related to the sale of its Africa business had pushed it into a £1.2bn loss in the first half of the year. | |
| The sale of the Africa business was part of Barclays' plan to focus on the UK and US. | |
| Stripping out the losses from the Africa sale, Barclays posted a 13% rise in group pre-tax profits to £2.34bn. | |
| Barclays chief executive Jes Staley said: "Our business is now radically simplified, the restructuring is complete, our capital ratio is within our end-state target range, and, while we are also working to put conduct issues behind us, we can now focus on what matters most to our shareholders: improving group returns." | |
| Advertising campaign | |
| Barclays said it had now set aside a total of £2.1bn to deal with PPI complaints, but this was open to review. | |
| Claims are expected to rise after the Financial Conduct Authority launches a campaign in August to encourage consumers to decide whether to act before the final deadline to bring a PPI complaint in August 2019. | |
| Earlier this year, Barclays sold a near 34% stake in Barclays Africa Group, leaving it with just 15% of the business. | |
| The company said the sale of the stake had led to a loss of £1.4bn, and it had also taken a £1.1bn charge on the sale. |