Barclays posts third quarter loss as profit hit by PPI

High street bank Barclays this morning posted a third quarter loss of £47m, following charges to cover costs relating to missold payment protection insurance (PPI).

The loss compares with a £2.4bn profit over the third quarter of last year.

Adjusted profits for the bank, which do not take into account additional items, came in at £1.7bn, up from £1.3bn last year, thanks to strong profits from the investment banking division.

Last week, Barclays said it had put aside an extra £700m as provision for PPI redress, bringing the total amount for the bank to £2bn.

Chief executive Antony Jenkins, who took over at the end of July, said today: “These results demonstrate that we continue to have good momentum in our businesses despite the difficulties we faced through this period. While we have much to do to restore trust among stakeholders, our universal banking franchise remains strong and well positioned.”