Barclays mortgage subsidiary makes £5bn balance sheet whoopsie

A subsidiary of Barclays, Kensington Mortgage Company, mistakenly reported its assets under development as £5.2 billion instead of £5.2 million, leading to a significant restatement to £3.7 billion. While revenue increased slightly to £83.4 million, pre-tax profit plummeted by 90% due to a write-down of non-viable technology projects. The company attributed the error to a comma usage, which was not consistent with standard financial reporting practices. Kensington declined to comment further on the matter.