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| Barclays profits hit by £2bn of costs | Barclays profits hit by £2bn of costs |
| (35 minutes later) | |
| Litigation costs and settlements have made a big dent in Barclays' profits for the first half of the year. | Litigation costs and settlements have made a big dent in Barclays' profits for the first half of the year. |
| Pre-tax profits fell from £2.3bn to £1.6bn after the bank paid out about £2bn, including a £1.4bn settlement with the US Justice Department. | Pre-tax profits fell from £2.3bn to £1.6bn after the bank paid out about £2bn, including a £1.4bn settlement with the US Justice Department. |
| But without the charges, pre-tax profits jumped by 20% to £3.7bn, with the UK arm seeing a 30% rise to £826m. | |
| Boss Jes Staley called the figures "strong", with the bank starting to show "its true potential and value". | Boss Jes Staley called the figures "strong", with the bank starting to show "its true potential and value". |
| The charges that knocked the profits in the six months to 30 June also included a £400m provision for mis-selling payment protection insurance. | The charges that knocked the profits in the six months to 30 June also included a £400m provision for mis-selling payment protection insurance. |
| Total income for the period was flat at £10.9bn. | Total income for the period was flat at £10.9bn. |
| Mr Staley, the bank's chief executive, noted in a statement that the last three months was the "first quarter for some time with no significant litigation or conduct charges, restructuring costs or other exceptional expenses which hit our profitability". | Mr Staley, the bank's chief executive, noted in a statement that the last three months was the "first quarter for some time with no significant litigation or conduct charges, restructuring costs or other exceptional expenses which hit our profitability". |
| "In effect, then, it is the first clear sight of the statutory performance of the business which we have re-engineered over the past two and a half years - Barclays' transatlantic consumer and wholesale bank - and it is a positive sight." | "In effect, then, it is the first clear sight of the statutory performance of the business which we have re-engineered over the past two and a half years - Barclays' transatlantic consumer and wholesale bank - and it is a positive sight." |
| He added: "This first-half performance shows a bank beginning to demonstrate its true potential and value. | He added: "This first-half performance shows a bank beginning to demonstrate its true potential and value. |
| "The numbers we have posted strengthen our confidence that Barclays can deliver attractive and sustainable profits, and in our ability to return a greater proportion of those profits to shareholders over time." | "The numbers we have posted strengthen our confidence that Barclays can deliver attractive and sustainable profits, and in our ability to return a greater proportion of those profits to shareholders over time." |