Published On: Fri, Jul 28th, 2017

Barclays and Lloyds see profits LEAP in huge boost for Brexit Britain

Barclays pre-tax profits surged by a massive 13 per cent to £2.34billion for the six months ending in June.

At the same time, rival Lloyds had a four per cent rise in statutory pre-tax profits to £2.54 billion and total income rose to £9.27bn.

However, both lenders had to put aside an extra £700million each to refund mis-sold Payment Protection Insurance (PPI).

Lloyds also put aside £283m to address its mistreatment of customers in mortgage arrears.

Chief executive Antonio Horta-Osario said: “We have a commitment as a management team of putting these legacy charges behind as soon as possible.”

Barclays recorded an attributable loss of £1.2b for the half-year, after factoring in a £1.4 billion loss on the sale of 33.7 per cent of Barclays Africa Group and a further £1.1bn charge linked to the disposal,

Chief executive Jes Staley said: “Our business is now radically simplified, the restructuring is complete, our capital ratio is within our end-state target range, and, while we are also working to put conduct issues behind us, we can now focus on what matters most to our shareholders: improving group returns.”

Shares in Barclays were up around 0.7 per cent during Friday morning trading.

And Lloyds’ share price slipped by almost one per cent.

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