Barclays profit rises less then expected on impairment charges and credit provisions

Discussion in 'Stocks' started by ASusilovic, Aug 3, 2009.

  1. Barclays said Monday that its first-half net profit rose 10% to 1.89 billion pounds ($3.16 billion) from 1.72 billion pounds a year earlier as total income net of insurance claims rose 37% to 16.25 billion pounds. Barclays said pretax profit at its Barclays Capital investment banking arm roughly doubled to 1.05 billion pounds, while most other divisions reported lower profit, including a 61% drop in pretax profit from U.K. retail banking to 268 million pounds. The group's bottom line fell short of the roughly 2 billion pound consensus forecast as impairment charges and other credit provisions rose 86% to 4.56 billion pounds. The bank said it intends to resume paying a dividend before the end of 2009 and said trends that lay behind its operating performance in the first half have continued into July.