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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. |
| Separately, Lloyds Banking Group said it still expects to make a loss in 2009 despite "good progress" made this year. | |
| Unlike RBS and Lloyds, Barclays has shunned government help, instead choosing to raise money privately. | |
| Strong results | 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. | "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. |
| We generated strong income growth across most business lines John Varley, chief executive, Barclays | |
| However, income from UK retail banking fell slightly. | 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 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. |
| Barclays boss John Varley said the bank's performance reflected "the continued benefit of diversification", including the purchase of Lehman. | |
| "We generated strong income growth across most business lines driven by the investments we have made in expanding our international network," he said. | |
| 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. |