StockMarketWire.com - Banking group Barclays reported a fall in third-quarter profit after forking out additional provisions for the mis-selling of personal protection insurance, or PPI.

The lender also said that meeting its performance targets for this year and the next had become more challenging, owing to lower interest rates and macroeconomic uncertainty.

For the three months ended 30 September, pre-tax profit fell to £246m, down from £1.46bn on-year.

The bank's common equity tier 1 ratio rose to 13.4% from 13.2% seen in third quarter last year, and was roughly in line with a revised target of 13.5%. The results included an additional provision for PPI of £1.40bn, up from £400m on-year.

Looking ahead, the bank said it would continue to target 2019 and 2020 return on total equity of above 9% and above 10% respectively.

It admitted, however, that global macroeconomic uncertainty and the current low interest rate environment, would make it more challenging to achieve these targets, particularly with respect to 2020.

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