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Barclays hit by fall in investment banking arm profits

Profits at Barclays have fallen 7 per cent to £3.4bn for the first half of the year, dragged down by a 18 per cent drop in investment banking revenues.

Barclays posted a pre-tax profit of £3.6bn this time last year. Investment banking profits fell from £5.2bn to £4.3bn.

The bank has also set aside a further £900m to compensate customers for missold payment protection insurance, taking its total PPI redress bill to £5.45bn.

Pay packages including deferred bonuses, current bonuses and commission totalled £1.1bn, down from £1.2bn a year ago.

Barclays group chief executive Antony Jenkins says: “Performance in the investment bank was impacted by the repositioning underway as well as difficult trading conditions in the quarter, but it is where we expected it to be at this point.

“The Transform strategy we have been pursuing since February 2013 was designed to create a business that can accommodate external pressures, including the impact of legacy issues, as well as to deliver sustainable performance. As I reflect on the half, I am pleased with our performance and excited by the potential for the group.”

In early trading Barclays shares were up 3 per cent at 226p.

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