Barclays takes £400m hit on PPI

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Barclays has set aside a further £400m to cover redress for missold payment protection insurance, taking its total bill to date over PPI to £7.8bn.

Overall Barclays posted a profit of £2bn for the first half of the year, down 23 per cent from £2.6bn at the same time last year.

Barclays’ redress bill is down from £967m in the same period last year.

The bank had 1,331 branches at the end of June, 117 fewer than at the end of June 2015.

Barclay’s UK mortgage book had an average loan-to-value of 47 per cent in the period, a small drop from 51 per cent in H1 2015.

Barclays chief executive Jes Staley says: “Our priorities remain: strengthening our core businesses; closing Barclays non-core as fast as possible; eliminating costs; dealing with legacy issues; and steadily strengthening our capital position.

“We remain confident that is the right plan for Barclays, and see no reason to adjust it, or the pace of delivery, in light of the vote by the UK last month to exit the EU.”