Barclays increases provisions against bad debts
Barclays bank has revealed a 43% jump in its provisions against bad debts of more that £700m in its half-year accounts.
The UK’s fourth largest bank blamed the Argentinean economic crisis for its rise in provisions saying it had to set aside about £104m against loans to the beleaguered South American country, and loans to five large corporates in the energy and telecommunications sectors.
The bank also said it had been hit by the impact of the volatile stock markets on its life assurance funds.
Barclays is the first of the high street banks to publish its half-year results