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 9 Version 10
Barclays profit up to almost £3bn Barclays profit up to almost £3bn
(30 minutes later)
Barclays has announced an 8% rise in first-half profits, boosted by its investment banking division.Barclays has announced an 8% rise in first-half profits, boosted by its investment banking division.
Pre-tax profits for the first six months came in at £2.98bn ($5bn), although this was slightly below analysts' forecasts.Pre-tax profits for the first six months came in at £2.98bn ($5bn), although this was slightly below analysts' forecasts.
Its investment bank Barclays Capital saw profits double to more than £1bn, having picked up some still-successful operations from Lehman Brothers. Profits at its investment bank Barclays Capital doubled, but those at its UK retail banking arm more than halved.
But profits at Barclays' UK retail banking arm more than halved. HSBC reported half year profits of $5bn, although this was about half what it made in the same period a year ago.
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. Shares in Barclays rose 9% in morning trading, while HSBC climbed 4.6%.
Shares in Barclays rose 4.9% in early trading. BBC 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.
Barclays is the first major UK bank to report its half-year figures, with Lloyds and Royal Bank of Scotland reporting later in the week. Barclays and HSBC are the first major UK banks to report half-year figures, with Lloyds and Royal Bank of Scotland reporting later in the week.
Investment banking 'back'Investment banking 'back'
Barclays has not accepted government bail-outs.Barclays has not 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 class="" href="/2/hi/business/8181081.stm">HSBC global profits slip to $5bn class="" href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/3/498/0/default.stm">UK bank share prices
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.
But profits at its UK retail banking division fell 61% to £268m, from £690m a year ago.But profits at its UK retail banking division fell 61% 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.
'Strong performance''Strong performance'
Barclays said it had gained more investment banking clients thanks to the acquisition of some Lehman Brothers businesses in 2008.Barclays said it had gained more investment banking clients thanks to the acquisition of some Lehman Brothers businesses in 2008.
The addition of some of the Lehman businesses also "increased significantly" Barclays' presence in the US, the bank said.The addition of some of the Lehman businesses also "increased significantly" Barclays' presence in the US, the bank said.
FROM THE TODAY PROGRAMME More from Today programmeFROM THE TODAY PROGRAMME More from Today programme
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."