29th July 2015
Barclays Bank has reported a 25% rise in statutory pre-tax profits to £3.14bn for the six months to the end of June.
Barclays has seen profits in the second quarter were £1.15 billion.
However the bank, while maintaining its dividend of 6.5p a share will abandon a target of paying out 40 to 50% of earnings. That move was announced by Executive Chairman John McFarlane, who has taken over the reins at the bank temporarily, having sacked chief executive Antony Jenkins earlier this month.
The bank is to move ahead with sales of non-core assets reducing their value to £20bn by 2017, but is not making any changes at the investment bank for now.
The bank has announced significant new provisions to cover legacy issues of £850m for possible payouts on packaged bank accounts and PPI, taking the total for PPI claims to a staggering £6bn.
McFarlane said: “There is more that can be done to deliver better returns for shareholders, faster, and that work has begun.”
The bank has already announced 19,000 job cuts.