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Profits soar to almost £4 billion at Barclays

Profits soar to almost £4 billion at Barclays

Category: Banking

Updated: 05/08/2010
First Published: 05/08/2010

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Profits at Barclays have soared to almost £4 billion in the first six months of the year, thanks mainly to the bank's investment arm.

The Group reported pre-tax profits of £3.947 billion, up by 44% compared with the first half of 2009. Income totalled £16.58 billion, up 8% on the same period last year.

The majority of the UK bank's profits have been derived from Barclays Capital, the Group's investment banking arm.

Pre-tax profits at Barclays Capital more than trebled to £3.4 billion from 2009's figures of £1.05 billion.

Barclays UK retail banking delivered pre-tax profits of £504 million, a figure boosted by its acquisition of Standard Life Bank and lower impairment charges.

Lending to UK households and businesses amounted to £18 billion, it was also revealed.

"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," commented John Varley, chief executive of Barclays.

He added that the bank recognises its wider social responsibility as an enabler of economic growth and prosperity and that its actions are and will continue to be informed by this duty.

It is the latest in a line of banking results from UK institutions this week, with varying performances.

HSBC delivered strong profits of £7 billion, while Lloyds Banking Group announced a return to profit, with pre-tax figures of £1.6 billion.

Performance at Northern Rock has not been as positive, however, with the bank announcing that its 'good' bank made a loss in the first half of the year, while the 'bad' bank made a profit.

Royal Bank of Scotland is set to announce its figures tomorrow.

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