Barclays takes another 700 million pounds hit on PPI

Reuters

Barclays has set aside another 700 million pounds ($1.1 billion) to cover the cost of compensation for the mis-selling of UK insurance policies, it said on Thursday.

The bank said it had experienced higher than previously anticipated levels of payment protection insurance (PPI) claims since the end of June, so it has lifted its provision to 2 billion pounds, from 1.3 billion pounds previously.

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It said third quarter adjusted profits released on October 31, which exclude the PPI provision, should be "broadly in line" with analysts' forecasts of 1.7 billion pounds.

(Reporting by Steve Slater; Editing by Matt Scuffham)