03/08/2009

Barclays Profits Nearly £3 Billion

A top bank has announced pre-tax profits for the first six months of 2009 of £2.98 billion.

The latest figures released by Barclays showed that profits at the investment bank Barclays Capital doubled, rising to £1,065 billion, from £524 million last year, although profits at the bank's UK retail arm had more than halved, falling 61% to £268 million, from £690 million last year.

The bank's High Street operations also recorded a 63% increase in bad debts, rising to £469 million in the first half of this year, compared to £288 million last year.

The figures showed that bad debt among the bank's mortgage customers amounted to £35 million, but the credit card debt was significantly higher, with the amount of credit card borrowing being written off rising by 92% to £915 million.

Barclays Chief Executive John Varley said that the bank's goal was "to deliver another year of solid profitability" and that today's figure's were "a good start to this".

(KMcA/BMcC)

Related UK National News Stories
Click here for the latest headlines.

10 February 2012
Barclays Bank Profits Fall
Barclays full year results reveal a 3% drop in profits year on year to £5.9bn. The bank's bonus pot will be £2.15bn, down by 25%, with cash bonuses capped at £65,000. Chief executive Bob Diamond is expected to receive a payout worth several million pounds.
16 February 2010
Barclays' Profits Jump
Profits at Barclays bank have soared by 92%, the financial services giant revealed today. Full year profits for 2009 tipped £11.6bn ($18.2bn), a figure bolstered by the sale of the bank's BGI fund management arm to US firm BlackRock. Minus this deal, profits stood at £5.
06 August 2010
RBS First Half Profits Leap By £9m
Part-nationalised Royal Bank of Scotland has seen net profits jump by £9 million for the first half of 2010. The group, which is 83% taxpayer owned, was helped by improving bad debt losses as it moved from a £1.04 billion loss in the first half year. Chief Executive Stephen Hester said the bank was on the road to recovery, but far from the finish.
23 September 2014
Barclays Fined £38m By FCA
The Financial Conduct Authority (FCA) has issued a fine of £38 million against Barclays Bank over a failure to keep its customers money separate to its own. It is the second time the bank has been fined for similar issues, paying out £1.1 million in 2011. The bank's investment arm is said to have put £16.
08 May 2014
Barclays To Axe 10,000 UK Jobs
Barclays is to cut approximately 20,000 job cuts by 2016. The firm said it is part of a new strategy. The number of job' reductions is bigger than the 10 to 12,000 the bank announced earlier this year. Around 14,000 cuts will be made during 2014.