Barclays reports 25% rise in profits

Barclays bank has reported a 25% rise in statutory pre-tax profits to £3.14bn for the six months to the end of June.

Profits last year were £2.55bn. The bank also set aside a further £850m to compensate customers – including further claims for mis-sold payment protection insurance.

The results come less than a month after the bank’s new chairman John McFarlane sacked Antony Jenkins.

In total, Barclays has now set aside £6bn to compensate for PPI mis-selling.

Mr McFarlane is expected set out plans to speed up reform at the bank later.

In April, Barclays set aside a further £800m, largely to cover potential further legal action and penalties for alleged foreign exchange manipulation.

That resulted in Barclays reporting a 26% fall in its first quarter statutory profits to £1.34bn.

But Barclays made a £496m gain on the sale of assets bought following the collapse of Lehman Brothers in 2008.

It also said it intended to maintain its dividend at 6.5p this year – the same as it paid in 2014.