Barclays’ profits plummet

Barclays Bank has announced profits down a third on last year due to the one-off charge for mis-sold payment protection insurance. Yet the bank still remains good value for investors.

Bank group Barclays announced first-half profits of £2.64bn, down one-third on a year ago. The fall was mostly due to a one-off charge for missold payment protection insurance. Overall, results were respectable, but the market remains unconvinced and the stock is one of the lowest valued major firms in Europe, on a price/tangible-book-value ratio of 0.62.

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