Barclays profits slump by 33%

Banking giant Barclays saw a 33% drop in profits to £2.6bn (€3bn) in the first half of the year as the payment protection insurance scandal took its toll.

The group, one of Britain’s top five banks, set aside £1bn (€1.14bn) in the six months to June 30 to cover compensation for customers who were mis-sold PPI.