InfoAnda - Barclays Bank first-half profits soar by 10%

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Barclays Bank first-half profits soar by 10% AFP - Tuesday, August 4 LONDON (AFP) - - Barclays Bank said on Monday that first-half net profits soared nearly 10 percent as its investment banking unit was boosted by markets turmoil and the part-purchase of Lehman Brothers. ADVERTISEMENT But the British bank, which has avoided nationalisation unlike many other leading banks, warned that trading would remain "difficult" this year because of a spreading global recession sparked by the world financial crisis. Net earnings leapt 9.9 percent to 1.9 billion pounds (2.2 billion euros, 3.2 billion dollars) in the six months to the end of June, compared with 1.7 billion pounds in the same part of 2008, the group said in a results statement. "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," said Chief Executive John Varley in the earnings release. "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." Barclays also said revenues surged by 37 percent to a record 16.253 billion pounds. Pre-tax profit rose eight percent to 2.98 billion pounds -- of which 35 percent was attributed to the group's Barclays Capital investment division. "The Lehman Brothers North American businesses acquisition of 2008, coupled with the market share opportunities created by the upheaval in the global investment banking sector, have enabled us to increase substantially the scale of the client flow business within Barclays Capital," the group said. On the downside, impairment charges and other credit provisions almost doubled to 4.56 billion pounds in the first half. That compared with 2.45 billion pounds last time around. "The environment has remained very difficult in 2009 as a consequence of the onset during 2008 of economic recession in most parts of the world in which we operate," added Varley. "At the heart of this performance is the service to our customers and clients, for whom the recession creates both challenges and opportunities. "High levels of activity on their behalf enabled us to grow our income by 37 percent. This has enabled us to absorb the impact of further credit market writedowns and increasing impairment." Barclays was lifted by its purchase of the investment banking and trading units belonging to failed US investment giant Lehman Brothers. Lehman went bankrupt last year after the collapse of the US housing market and subsequent credit crunch, plunging the global financial system into chaos. Barclays has avoided nationalisation in the wake of the credit crunch by courting investment from wealthy Gulf states. In 2008, Barclays secured additional capital from investors in Abu Dhabi and Qatar in order to bolster its finances. Later Monday, global banking giant HSBC will release its latest company results. State-controlled banks Lloyds and Royal Bank of Scotland will also report their earnings this week. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo Barclays Bank says first-half net profits soared nearly 10% as its investment banking unit was boosted by markets turmoil and the part-purchase of Lehman Brothers. Most Popular – Top Stories Viewed Organic food not healthier, says British study Comets probably won't cause the end of life as we know it: study Beer flows as Obama tries to cool down a hot furor Madonna writes of her spiritual awakening Swine flu: rich nations' spending spurs ethics row View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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