Barclays PPI exposure increases by £300m

The bank, reporting its first quarter results, said a higher than expected volume of claims PPI compensation has forced it to add an extra £300m to its £1bn provision, reports the Guardian. The bank had warned in March it might have to raise the provision and it confirmed the extent of that increase today, pushing it to a £475m statutory loss before tax once a reversal in the value of paying back its own debt is included. Stripping out that additional £2.6bn cost of paying back its own debt and the PPI charge, profits were up 22% at £2.4m. The bank is reporting its first quarter re...