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August 5, 2010

Barclays’ profit up 44%

by Gill Montia

Story link: Barclays’ profit up 44%

Barclays has reported group pre-tax profit of £3.9 billion for the first half of 2010, up 44% on a year earlier.

Income rose 8%, to £16.6 billion, and impairment provision fell 32%, to just over £3 billion.

Investment banking unit, Barclays Capital, saw a sharp decrease in impairment but the improvement was partially offset by a rise in bad debt at Barclays Corporate in Spain.

Barclays Capital also more than trebled pre-tax profit, to £3.4 billion, while the group’s global retail banking operations achieved pre-tax earnings of £901 million, up from £845 million in the first half of 2009.

The bank lent UK households and businesses a gross £18 billion in the six months to the end of June, plus a further £7 billion through its acquisition of Standard Life Bank.

Commenting on the figures, Barclays chief executive, John Varley, says: “Against the backdrop of subdued economic and market activity and the sovereign debt storm of the second quarter, we have delivered good growth in income and profits during the first half of the year, and, at the same time as lending a further £18 billion to UK households and businesses, we have kept the regulatory balance sheet under tight control.”

Shareholders have been awarded a second interim dividend of 1p per share, making 2p for the half year.

 

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