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Barclays PPI provisions unchanged Barclays PPI provisions unchanged
(35 minutes later)
Barclays Bank has seen a big increase in its nine-month pre-tax profits to £2.85bn.Barclays Bank has seen a big increase in its nine-month pre-tax profits to £2.85bn.
In the same period last year, the figure was £962m.In the same period last year, the figure was £962m.
The amount that it has set aside to pay compensation for mis-sold personal protection insurance (PPI) is unchanged at £3.95bn.The amount that it has set aside to pay compensation for mis-sold personal protection insurance (PPI) is unchanged at £3.95bn.
On Tuesday, Lloyds Bank said it would set aside another £750m for compensation for PPI mis-selling, taking the total to £8bn.On Tuesday, Lloyds Bank said it would set aside another £750m for compensation for PPI mis-selling, taking the total to £8bn.
In a statement, Barclays chief executive Antony Jenkins said that he was "not complacent".In a statement, Barclays chief executive Antony Jenkins said that he was "not complacent".
"My executive team know we must push harder in the final quarter and into 2014," he said."My executive team know we must push harder in the final quarter and into 2014," he said.
Also in the statement, Barclays announced that it would review its foreign exchange trading operations. 'Optimistic view'
Ed Salvesen, banking analyst at investment management firm Brewin Dolphin, told the BBC Radio 5 live Breakfast programme that the figures were "positive".
Speaking about the PPI issue, Mr Salvesen said: "The bank has provisioned quite a lot for PPI already, and we are seeing the amount of people taking up PPI provisions, coming in a bit lower than we were expecting. So it's quite an optimistic view from Barclays."
In its statement, Barclays announced that it would review its foreign exchange trading operations.
Barclays, along with other international banks, has been fined for manipulation of the inter-bank lending rate Libor, a scandal which emerged in June 2012.Barclays, along with other international banks, has been fined for manipulation of the inter-bank lending rate Libor, a scandal which emerged in June 2012.
'Headaches'
Now the bank is co-operating with regulators around the world, including the UK's Financial Conduct Authority, in their investigation of whether the currency market has been manipulated.Now the bank is co-operating with regulators around the world, including the UK's Financial Conduct Authority, in their investigation of whether the currency market has been manipulated.
The BBC's business editor Robert Peston said that this is the "third such headache for Barclays, having already suffered penalties of £290m for rigging Libor interest-rate benchmarks and being subject to investigations into whether another important financial price, the so-called ISDAfix, has been manipulated".The BBC's business editor Robert Peston said that this is the "third such headache for Barclays, having already suffered penalties of £290m for rigging Libor interest-rate benchmarks and being subject to investigations into whether another important financial price, the so-called ISDAfix, has been manipulated".
In the case of Libor, there is also now a criminal investigation by the Serious Fraud Office.In the case of Libor, there is also now a criminal investigation by the Serious Fraud Office.
An earlier version of this story suggested that provisions for PPI mis-selling had been reduced - this was not the case.An earlier version of this story suggested that provisions for PPI mis-selling had been reduced - this was not the case.