By Jonathan Davies

Barclays has reported a 25% rise in profits for the six months to the end of June.

The banking giant posted profits of £3.14 billion, up from £2.55bn, less than a month after Antony Jenkins was sacked by new chairman John McFarlane.

Barclays set aside a further £850 million for compensation on Payment Protection Insurance (PPI), taking its total to £6bn.

In April, Barclays set aside £800m to cover fines and legal fees relating to manipulation of foreign exchange interest rates.

Antony Jenkins was sacked after falling out with the board, particularly John McFarlane, over the pace of Barclays' turnaround programme. Mr McFarlane, who was involved in a very similar situation at Aviva, believed the plans weren't happening quick enough.

Barclays has already cut 19,000 jobs.

Mr McFarlane said: "There is more that can be done to deliver better returns for shareholders, faster, and that work has begun."