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| 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 part of its Africa unit had pushed it into a £1.2bn loss in the first half of the year. | The news came as the bank said costs related to the sale of part of its Africa unit 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. | 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. | 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." | 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." |
| The money the bank has set aside to deal with PPI complaints was still open to review, it said. On Thursday, Lloyds also set aside a further £700m. | |
| Analysis: Kevin Peachey, personal finance reporter | Analysis: Kevin Peachey, personal finance reporter |
| The PPI scandal is not only big - banks have set aside a total of nearly £40bn to pay compensation - it is also long-running. | The PPI scandal is not only big - banks have set aside a total of nearly £40bn to pay compensation - it is also long-running. |
| Over the next few months the pace of it is likely to keep accelerating. The City regulator, the Financial Conduct Authority, will run a campaign to encourage those mis-sold PPI to make claims before the deadline of August 2019. | Over the next few months the pace of it is likely to keep accelerating. The City regulator, the Financial Conduct Authority, will run a campaign to encourage those mis-sold PPI to make claims before the deadline of August 2019. |
| You can expect more activity too from the claims management companies touting for business through calls and texts. They take a cut of any payouts made to claimants who use their services. | You can expect more activity too from the claims management companies touting for business through calls and texts. They take a cut of any payouts made to claimants who use their services. |
| Banks wanted a earlier deadline. They want to draw a line under this saga. It is almost impossible to judge how much PPI was mis-sold - so they will also hope these latest provisions have over-estimated the final bill. | Banks wanted a earlier deadline. They want to draw a line under this saga. It is almost impossible to judge how much PPI was mis-sold - so they will also hope these latest provisions have over-estimated the final bill. |
| Earlier this year, Barclays sold a near 34% stake in Barclays Africa Group, leaving it with just 15% of the business. | 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. | |
| Barclay's Africa Group said on Friday its half-year profit rose 7% driven by earnings growth in its local market and the rest of Africa and a strong performance in corporate banking. | |
| In addition to Barclays' exit from Africa, the bank said it had run-down assets in its non-core division to below £25bn, enabling it to close the unit six months early. | In addition to Barclays' exit from Africa, the bank said it had run-down assets in its non-core division to below £25bn, enabling it to close the unit six months early. |
| Mr Staley said Barclays had completed "two critically important planks" of its strategy to get out of unwanted businesses. | Mr Staley said Barclays had completed "two critically important planks" of its strategy to get out of unwanted businesses. |