With Subdued Revenue Generation, Barclays Posts Poor First Half Overshadowed by Higher Noncore Items
As with the other U.K. banks that have reported so far, Barclays was hit by payment protection insurance claims provisions during the second quarter. So far, the profit and loss trends are developing below our expectations, and so we plan to revise down our full-year net income estimate, as well as our fair value estimate, in the range of 5%-10% in our next update. We maintain our no-moat rating.PPI provisions during the first half totaled to GBP 700 million, versus GBP 400 million a year ago. ...
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