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Bank shrugs off Brexit

Barclays hit by further £400m PPI charge

BarclaysBarclays profits slumped by 21% over the first half as it posted losses on non-core businesses and booked a further £400 million to compensate customers for mis-sold PPI.

The impairments saw pre-tax profit fall from £2.6 billion last year to £2bn and it means the PPI scandal has cost Barclays’ £7.8bn.

There was a £1.9bn loss on non-core assets including its French business which it is selling along with its African business.

Chief executive Jes Staley said the Brexit vote would have no impact on the bank’s strategy of focusing on its retail and investment banking operations.

He said: “We remain confident that it 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.”

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