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27th April 2012

Barclays LOSS due to DVA and PPI

Barclays reported a Q1 LOSS of £475 (€580m $766m ¥62.2bn Y4,827m) compared with a year ago profit of £1,655m. Barclays offer an adjusted profit figure of +£2,445m up 22% on a year ago. The main differences are costs of £2,665m for Debt Value Adjustment and £300m of additional reserving for Payment Protection Insurance mis-selling settlement.


UK retail business profit before tax was UP 16% excluding the additional PPI charge, down 88% when this is included. Other European retail business was down 27% whilst Africa was up 20% and Barclaycard up 18%. Corporate and Investment banking was up 10%. The DVA was taken as a head office item. Corporate and Investment banking accounted for 61% of the adjusted profit before tax.