This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8180775.stm
The article has changed 18 times. There is an RSS feed of changes available.
| Version 6 | Version 7 |
|---|---|
| Barclays profit up to almost £3bn | Barclays profit up to almost £3bn |
| (10 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 to more than £1bn. | The results were boosted by the performance of its investment banking division, Barclays Capital, which saw profits double to more than £1bn. |
| But profits at Barclays' UK retail banking arm more than halved, falling to £268m, from £690m a year ago. | But profits at Barclays' UK retail banking arm more than halved, falling to £268m, from £690m a year ago. |
| Bad debts almost doubled. Impairments and other credit provisions jumped to £4.56bn, up 86% from £2.45bn in the first half of 2008. | Bad debts almost doubled. Impairments and other credit provisions jumped to £4.56bn, up 86% from £2.45bn in the first half of 2008. |
| Shares in Barclays rose 2% to 308.5 pence when trading began in London. | Shares in Barclays rose 2% to 308.5 pence when trading began in London. |
| 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. |
| Investment banking 'back' | Investment banking 'back' |
| Neither Barclays nor HSBC have accepted government bail-outs. | Neither Barclays nor HSBC have accepted government bail-outs. |
| Investment banking is booming again - partly thanks to the frenzied attempts by big companies and governments to raise vast amounts of new money Robert Peston, BBC business editor Read Robert's blog | Investment banking is booming again - partly thanks to the frenzied attempts by big companies and governments to raise vast amounts of new money Robert Peston, BBC business editor Read Robert's blog |
| 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. |
| Profits at Barclays Capital rose to £1.05bn from £524m a year ago. | Profits at Barclays Capital rose to £1.05bn from £524m a year ago. |
| Barclays also said it had gained more investment banking clients thanks to the acquisition of some Lehman Brothers businesses in 2008. | Barclays also said it had gained more investment banking clients thanks to the acquisition of some Lehman Brothers businesses in 2008. |
| 'Strong performance' | 'Strong performance' |
| The addition of some of the still-successful operations from Lehman Brothers also "increased significantly" Barclays' presence in the US, the bank said. | The addition of some of the still-successful operations from Lehman Brothers also "increased significantly" Barclays' presence in the US, the bank said. |
| The US now accounts for about 40% of its income. | The US now accounts for about 40% of its income. |
| Barclays chief executive John Varley was upbeat on the bank's prospects for the rest of the year. | 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. | "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." | "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." |
| The BBC's business editor Robert Peston says the striking number in Barclays' results is the massive reduction in loans and investments across the world, which have come down from £2 trillion to £1.5tn. |