Barclays market share hits 36%

The firm's net new lending totalled £12.5bn, up from £8bn in 2007, and sees Barclays' market share jump significantly from 8% to 36%. Gross advances were stable at £22.9bn, with redemptions of £10.4bn compared to £15bn in 2007.

Barclays revealed its profits before tax reached £6.1bn, though that is a 14% decrease on 2007. After tax, the profits total £5.3bn, 4% up on the post-tax profits for 2007. Profits before tax in the UK retail business have climbed 7% from £1.28bn to £1.37bn.

Impairment charges and other credit provisions at the bank totalled £5.419bn, an increase of 94% on the prior year. Impairment charges included £1.76bn arising from US sub-prime mortgages and other credit market exposures, while in the UK the firm admitted a "moderate" increase in mortgage impairment charges.

John Varley, chief executive at Barclays, commented: "We benefited from a number of gains on acquisitions and disposals. These contributed to headline profit, and to capital, but the main driver of our results was a solid operating profit performance and record income generation. We commit to reducing the size of our balance sheet over time, and we will maintain our capital ratios at levels that are well ahead of regulatory requirements."