Barclays full-year income held back by BarCap

Profit before tax at UK lender Barclays fell 3% and short of expectations in 2011, while adjusted income fell by a further 8%, reflecting a fall in income at its investment bank, Barclays Capital.

Profit before tax at UK lender Barclays fell 3% and short of expectations in 2011, while adjusted income fell by a further 8%, reflecting a fall in income at its investment bank, Barclays Capital.

Profit before tax fell from £6,065m to £5,879m in the 12 months ended December 31st, mainly attributable to a £1,000m provision for the redress of Payment Protection Insurance (PPI) that wasn't recorded last year. The adjusted profit before tax figure, which excludes certain items such as the PPI figure, fell by a lesser 2%.

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