In its interim statement published today, Barclays stated that additional redress provisions of £1,032m were set aside based on an estimate of future redress and associated costs, including £850m recognised in Q2 alone.
Although the volume of PPI claims decreased 14% in H1, £750m has been set aside for PPI redress. Provisions of £800m were also made in H1 to cover ongoing forex investigations, taking total provisions to over £2bn.
However the bank's H1 profits rose 25% to £3.1bn.
Chairman John McFarlane, who is standing in as executive chairman following the dismissal of Antony Jenkins earlier this month, now plans to accelerate the bank's growth in earnings, and speed up cost cuts and asset sales.
He added:
"Barclays today has a good portfolio of businesses. However, we need to accelerate the execution of the strategy. There is more that can be done to deliver better returns for shareholders, faster, and that work has begun under three group priorities which I have established since becoming executive chairman earlier this month.
"Our first priority is to deliver on our strategy, with increased focus on our core franchises.
"A sensibly planned faster run-down of Barclays Non-Core will be implemented, resulting in it having around £20bn of RWAs in 2017 when we expect to reintegrate it into the Core."
