Barclays reports £47m loss
Pre-tax loss reported after the bank made a provision of £700m against PPI mis-selling compensation
Barclays has reported a pre-tax loss of £47m for the third quarter, after having to make a further provision of £700m against compensation for payment protection insurance (PPI) mis-selling. Over the same period last year, Barclays made a profit of £2.4bn, according to The Daily Telegraph. Adjusted profits, which do not include additional charges, were £1.7bn, which was in line with analysts’ expectations and compares to £1.3bn for the third quarter last year. Shares in Barclays fell 3% in early trading today.
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