Mortgage News
Profits at Barclays fall by a fifth
Barclays has revealed pre-tax profits for the first nine months of the year dropped by 19% compared to the corresponding period in 2008.
Pre-tax profits totalled £4.5bn, after they were hit by £6.2bn of charges which covered bad debts.
During the three quarters of 2009, the bank saw a marked difference in performance between its UK and overseas operations. The global commercial and retail banking units saw profits rise 11% due to growth in the US and Europe and strong performances in the fixed income, commodities and currency, equities and prime services businesses. However, profits at its UK retail business “decreased significantly.”
In more positive news, the bank’s pre-tax profit for Q3 alone was down 45% to £1.56bn.
John Varley, group chief executive of Barclays, said: “We have maintained strong income momentum in the third quarter, particularly in Barclays Capital and across the international activities of the group, enabling us to achieve consistent profitability across the first three quarters of 2009.”
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