Barclays posts highest six-month profits in close to 10 years

Banking giant Barclays has cheered its highest half-year profits for nearly a decade, but warned costs will need to be slashed over 2019.

The lender reported an 82 per cent surge in statutory pretax profits to £3.01 billion for the six months to June 30th as it put hefty mis-selling charges and settlements behind it.

On an underlying basis, interim pretax profits fell 15 per cent to £3.1 billion.

The lender reiterated warnings that keeping a tight lid on costs is a “priority” and said they will need to be reduced over the year. It revealed 3,000 jobs had been cut in the second quarter out of an 83,500-strong workforce.

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PPI scandal

The first-half statutory profit compares with £1.7 billion a year earlier, when it was hit by costs of the payment protection insurance (PPI) scandal and a £1.4 billion settlement with US authorities over its sale of mortgage-backed securities in the lead-up to the financial crisis.

The group did not put any further money aside for PPI mis-selling claims, in contrast to its rival Lloyds Banking Group on Wednesday, which revealed another £550 million hit. – PA