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Barclays profit slumps by a third Barclays profit slumps by a third
(10 minutes later)
Barclays has reported a 33% drop in pre-tax profits for the first half of 2008 to £2.75bn following problems in the global credit markets. Barclays has reported a 33% drop in pre-tax profits for the first half of 2008 - as it reported more writedowns linked to the credit crunch.
The firm said its investment banking arm had suffered from the financial conditions and market "dislocation". The bank made £2.75bn profit - down from £4.1bn - a decline it described as "acutely disappointing".
It wrote off £1.1bn from exposure to US sub-prime mortgages and other credit market problems.
Barclays recently raised £4.5bn from investors to increase the strength of its balance sheet.Barclays recently raised £4.5bn from investors to increase the strength of its balance sheet.
The bulk of shares were sold to major overseas and institutional investors, led by Qatar, China and Singapore.The bulk of shares were sold to major overseas and institutional investors, led by Qatar, China and Singapore.