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Barclays pre-tax profits up 15% Barclays pre-tax profits up 15%
(20 minutes later)
Barclays Bank has announced a sharp rise in profits in the first three months of this year despite the ongoing financial crisis.Barclays Bank has announced a sharp rise in profits in the first three months of this year despite the ongoing financial crisis.
Profits before tax came in at £1.37bn ($2.07bn), up by 15% compared with the same period last year.Profits before tax came in at £1.37bn ($2.07bn), up by 15% compared with the same period last year.
Total income almost doubled to a record £8.15bn because of strong performance at the group's investment banking arm.Total income almost doubled to a record £8.15bn because of strong performance at the group's investment banking arm.
The bank has shunned government help, unlike rivals RBS and Lloyds, instead choosing to raise money privately.The bank has shunned government help, unlike rivals RBS and Lloyds, instead choosing to raise money privately.
Strong results
"Income increased by 42% driven by very strong performance at Barclays Capital and by most of the international businesses within global retail and commercial banking," the bank said.
However, income from UK retail banking fell slightly.
The strong results were achieved despite losses from write downs of £2.61bn and increased costs related to the bank's acquisition of parts of US bank Lehman Brothers last year.
The bank recently agreed to sell its iShares fund management business to CVC Capital Partners to raise £3bn ($4.5bn).The bank recently agreed to sell its iShares fund management business to CVC Capital Partners to raise £3bn ($4.5bn).
While other High Street banks have accepted government money to help them through the credit crunch, Barclays has chosen instead to raise finance privately.While other High Street banks have accepted government money to help them through the credit crunch, Barclays has chosen instead to raise finance privately.
Last year, the bank raised £7bn from investors in the Middle East.Last year, the bank raised £7bn from investors in the Middle East.
The bank has also not taken part in the government's insurance scheme for toxic assets.The bank has also not taken part in the government's insurance scheme for toxic assets.
The Asset Protection Scheme uses government money to insure banks' riskiest assets against further losses.The Asset Protection Scheme uses government money to insure banks' riskiest assets against further losses.
Barclays reported profits before tax of £6.08bn for 2008.Barclays reported profits before tax of £6.08bn for 2008.