Barclays recorded a 7% decrease in adjusted pre-tax profit to £3.3 billion over the first half of 2014.
The fall was attributed to falling investment bank profits and a £900 million provision for PPI redress. In addition, £211 million was spent on litigation and conduct charges over the period, 67% higher than at this point last year.
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Moreover, costs associated with the bank’s Transform project, post Libor-rigging scandal charges and CEO Bob Diamond’s departure, totalled £494 million over the half year.
Its personal and corporate banking arm, which includes wealth management, fared better as total income increased 1% to £4,361 million which was the result of strong savings and mortgage growth said Barclays.
Ashok Vaswani, head of Personal and Corporate Banking, said: "The Wealth and Investment Management business has made great progression on its transformation journey and its only contribution to PCB’s half year results reinforces the positive impact the strategy is having on its profitability and sustainability. The underlying business remains robust and well positioned for the future and it continues to secure significant new clients in target markets around the world."
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