Barclays takes £300m hit on PPI

Banking giant Barclays took an additional £300m (€366.5m) hit to cover payment protection insurance mis-selling claims today but unveiled a higher-than-expected rise in quarterly profits.

The bank has now set aside £1.3bn (€1.58bn) to deal with PPI compensation after a recent increase in the number of claims, which have eaten into the profits of its UK arm.