REFILE-Barclays profits down 7 pct as investment bank income sags

Wed Jul 30, 2014 2:20am EDT

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LONDON, July 30 (Reuters) - Barclays Plc said underlying profits fell 7 percent in the first six months of this year after a drop in investment bank revenue as the British bank attempts to streamline the business and reform culture.

Barclays said adjusted profits in the six months to the end of June were 3.3 billion pounds ($5.6 billion), down from 3.6 billion pounds a year ago.

Costs were lower but revenues fell 7 percent, largely due to an 18 percent drop in the investment bank, where banks have been hit by a decline in fixed income trading.

Barclays set aside another 900 million pounds to compensate customers for mis-sold insurance products. ($1 = 0.5902 British Pounds) (Reporting by Steve Slater; Editing by Matt Schuffham)

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