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| Barclays profit up to almost £3bn | |
| (20 minutes later) | |
| Barclays has announced pre-tax profits of £2.98bn for the first half of 2009. | Barclays has announced pre-tax profits of £2.98bn for the first half of 2009. |
| Profits for the year were slightly below analysts' forecasts of more than £3bn, but were up 8% on the £2.75bn it made in the first six months of 2008. | Profits for the year were slightly below analysts' forecasts of more than £3bn, but were up 8% on the £2.75bn it made in the first six months of 2008. |
| The results were boosted by the performance of its investment banking division, Barclays Capital, which saw profits double compared with last year. | The results were boosted by the performance of its investment banking division, Barclays Capital, which saw profits double compared with last year. |
| HSBC is also due to give its latest figures on Monday, with Lloyds and RBS reporting later in the week. | HSBC is also due to give its latest figures on Monday, with Lloyds and RBS reporting later in the week. |
| Neither Barclays nor HSBC have accepted government bail-outs. | Neither Barclays nor HSBC have accepted government bail-outs. |
| Ralph Silva, banking analyst at Tower Group, said that not accepting government money would have contributed to Barclays Capital doing so well. | Ralph Silva, banking analyst at Tower Group, said that not accepting government money would have contributed to Barclays Capital doing so well. |
| "Investment banking is back. If you are a big company you are going to gravitate towards the banks that have not received government funds," he said. | "Investment banking is back. If you are a big company you are going to gravitate towards the banks that have not received government funds," he said. |
| 'Another year of profitability' | |
| Barclays chief executive John Varley was upbeat on the bank's prospects for the rest of the year. | |
| "The investments we have made, particularly in our international businesses, are driving very strong income performance and allowing us to absorb the consequences of the economic downturn," he said. | |
| "Our goal for 2009 is very clear: we seek to deliver another year of solid profitability. Our first half performance is a good start to this." | |
| However, profits at Barclays' UK retail banking arm more than halved, falling to £268m, from £690m a year ago. | However, profits at Barclays' UK retail banking arm more than halved, falling to £268m, from £690m a year ago. |
| And bad debts almost doubled. Impairments and other credit provisions jumped to £4.56bn, up 86% from £2.45bn in the first half of 2008. |