LONDON—Barclays PLC said Thursday that third-quarter net profit inched down, as it put aside funds to cover bad debts and an ongoing restructuring plan.

The British bank said revenue in the third quarter was £ 5.5 billion ($6.72 billion), broadly flat compared with the year earlier. Net profit came to £ 414 million in the quarter, down from £ 417 million the year before.

Barclays said it remained on track to shut down its non-core unit in 2017. "The growing momentum in attaining our strategic goals means we can feel optimistic of our prospects of completing the restructuring of Barclays," Chief Executive Jes Staley said.

The bank took a one-off £ 320 million charge after changing the way it models its credit card impairments. It also put aside £ 600 million to compensate customers who were sold insurance products they didn't need. It also took a £ 150 million charge to shut down some international office space.

Over the last few months the bank has pushed ahead with shrinking its global footprint, exiting businesses ranging from Egypt to Italy. The cost of shuttering businesses also weighed on the bank's bottom line.

Write to Max Colchester at max.colchester@wsj.com

(END) Dow Jones Newswires

October 27, 2016 03:05 ET (07:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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