barclays will ge coming out with trading update on 07.05.2009 It is expected to report profits higher than market expectations.

A good Buy Medium to Long term

Thought about getting some yesterday but hesitated, silly me!

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Statement on Payment Protection Insurance

Barclays has experienced higher than previously anticipated levels of Payment Protection Insurance ("PPI") claim volumes since the end of the first half, and has therefore determined that it is appropriate to provide a further £700 million as at 30 September 2012. This is in addition to provisions recognised of £1 billion in 2011 and £300 million in the first quarter of 2012. Based on claims experience to date and anticipated future volumes, the resulting provision includes Barclays best estimate of expected costs of future PPI redress. Barclays will continue to monitor actual claims volumes and the assumptions underlying the calculation of its PPI provision.

On 31 October 2012, Barclays will announce its third quarter Interim Management Statement. Barclays currently expects the Group adjusted profit before tax, which excludes the impact of own credit (expected to be a charge of £1.1bn) and the provision for PPI redress, for the three months ended 30 September 2012 to be broadly in line with current market consensus of £1.7 billion.

Missed it. I will buy below 239, if it falls that much.

I'm warming to this one.

sounds like they may make a loss, possible short?

Think they made more than they want to reveal in the current climate so doing a one and all write of any shite they can get away with and blaming it on PPI and pushing profits to reserves so that from here in on every suprise will be on the upside.

New management blames old , then releases reserves and takes credit when things not as bad as first thought.

Been there done that :-))

Market seems to agree.

BWTFDIK :-)

.. And what about the liabilities of other banks then regarding PPI?

Dil - absolutely SFA :-)

Sandy Chen of Panmure Gordon:
"Barclays (BARC LN, £29bn mkt cap, 241p, Sell) – It’s worth noting the change in wording that BARC used to announce the £700m in additional PPI provisions for 3Q12. For the £300m in additional PPI provisions in 1Q12, management indicated that claims volumes, although uncertain, were trending downwards. Yesterday afternoon’s RNS cited “higher than previously anticipated levels” of PPI claims since 1H12; this prompted a call to the PPI helpdesk at the Financial Ombudsman, where the service rep confirmed that well over 1,000 new calls are coming in daily.

In the 1H12 results, BARC noted that £894m of the £1,300m in PPI provisions had been utilised; we read the additional £700m in provisions as signalling that the pace of both new claims and utilisations has picked up. Thus, we expect that these PPI provisions won’t be the last for BARC. We had already expected further PPI in our forecasts, but we are raising our other operating expenses forecast for 2H12 from £788m to £1,182m (from 0.4% of RWAs to 0.6%) to take into account further provisions for PPI, LIBOR etc.

We expect that BARC will continue to exclude PPI provisions (and LIBOR and interest rate swap mis-selling fines and provisions) from its adjusted results; we will continue to include them in our earnings forecasts, on the view that if BARC chose to include the original income from PPI, it should recognise the costs associated with them. Read across to RBS (RBS LN, £32bn mkt cap, 287p, Sell) and Lloyds (LLOY LN, £29bn, 42p, Sell) as well."

Barclays will kick off the third-quarter results season for Britain’s largest banks on Wednesday when it unveils its financial results for the last three months.

The results will be the first overseen by Barclays’ new chief executive, Antony Jenkins, and are expected to see the bank report an adjusted pre-tax profit of £1.68bn, according to analysts’ consensus forecasts.

Taking into account a £1.1bn charge against the value of the bank’s own debt and a £700m provision against payment protection insurance compensation costs the lender will report a loss of £100m.

Interim Management Statement

Sell at 230p.

Barclays hit by fresh U.S. investigations

LONDON | Wed Oct 31, 2012 2:07pm GMT

(Reuters) - Barclays, already rocked by an interest rate rigging scandal, unveiled new U.S. regulatory investigations into the bank's financial probity on Wednesday and said its profit was hit by charges for mis-selling insurance.

Its shares fell almost 5 percent, hurt by a weaker performance in investment banking than most of its Wall Street rivals and fears that legal problems would handicap its new chief executive's efforts to overhaul the company.

skinny - 19 Oct 2012 06:50 - 1090 of 1095

Dil - absolutely SFA :-)


I agree , just born lucky :-)



Sold two thirds of holding at 139.something .... always struggle at this level but still think they the quality in the banking sector.

'Sold two thirds of holding at 139.' - you sure! :-)

Testing recent highs.

Looking to go long here - recent high today @256.1 - 12 month high @260.

Gone long here today.