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Barclays puts aside GBP500m for fines.

M2 EQUITYBITES-October 31, 2014-Barclays puts aside GBP500m for fines

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British provider of financial services Barclays has made a GBP500m provision for fines relating to allegations that foreign exchange markets were manipulated by banks.

Barclays revealed the figure in its third-quarter results statement which also included additional costs associated with the historic payment protection insurance (PPI) mis-selling scandal.

The bank has put aside a further GBP170m for PPI but it also said that it was releasing a charge of GBP160m in relation to the sale of interest rate hedging products. During the first nine months the Group made a statutory profit prior to tax of GBP3.7bn, an increase of 28% on the same period last year.

Chief executive Antony Jenkins commented "In aggregate, this is a good performance from the group, our strategy is working, and we expect to see continued progress as we go forward."

(EUR1 = GBP0.79)

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Date:Oct 31, 2014
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