Barclays posts higher profits despite PPI hit

Barclays Bank
Barclays Bank
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Barclays has posted higher profits in the third quarter despite taking a £1.4bn hit for payment protection insurance (PPI) claims.

The bank increased adjusted pre-tax profit by 16 per cent to £1.8bn for the three months to September.

However, once litigation and conduct costs are also included in the figure, the pre-tax profit for the period is £246m, down from £1.46bn over the same period last year.

James Staley, group chief executive officer of Barclays, said: “These represent another set of consistent and resilient results, and they show the benefits of our diversified model - one which allows us to weather today’s macro headwinds, and grow our businesses and profitability over time.

“As we continue to invest in our digital capabilities across the bank, management’s focus on cost control remains a priority.

“These results show we remain on track to achieve our target of a group return of greater than 9 per cent for 2019.”