Barclays’ first-half profit slides 33%
by Gill Montia
Story link: Barclays’ first-half profit slides 33%
Barclays has joined its High Street rivals in reporting a sharp decline in first-half profit.
Britain’s third-largest bank posted pre-tax profit of £2.75 billion for the six months to the end of June; the result was 33% less than a year ago (£4.1 billion).
Bad debt cost the group £2.4 billion during the period.
Investment unit, Barclays Capital, wrote down around £1.98 billion and first-half pre-tax profit came in at £524 million, 68% less than the £1.7 billion recorded for the first six months of 2007.
Fund manager, Barclays Global Investors, posted a 32% decline in profit, to £265 million, as a result of falling share prices.
Across the group, credit card division Barclaycard saw strongest growth in profit, with a 30% rise, to £388 million.
Barclays’ interim dividend will be paid at 11.5p, as previously announced.
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