In its full year results for 2015, the bank reported a statutory profit before tax of £2,073m compared to £2,256m the year before. Barclays upped its PPI provisions by £1,450m in the final quarter after complaints declined at a slower rate than expected in H2.
For the year in total, the bank set aside £2,772m for customer redress of which £2,200 related to PPI. In 2014, the bank set aside £1,110m for overall customer complaints but paid out £1,270m solely to compensate PPI customers.
The pot of money set aside to tackle investigations and litigation including Foreign Exchange was given a cash injection of £167m in Q4 taking total funds set aside to £1,237m a decline of 1% on the previous year.
A loss of £261m was recognised in the final quarter of 2015 relating to the announced sale of the Italian retail banking branch network due to complete in in Q2 2016.
Income from its personal banking division decreased by 3% to £4,054m driven down in part by pressures on mortgage margins. A spokesperson for the bank said it does not disclose gross mortgage lending.
In November, Barclays received a fine of £72,069,400 from the Financial Conduct Authority (FCA) for failing to minimise the risk that it may be used to facilitate financial crime.
The fine related to a £1.88bn transaction that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high-net-worth clients. The clients involved were politically exposed persons (PEPs) which should have been subjected to enhanced levels of due diligence and monitoring by Barclays.
