Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French presidential election: Over 40% remain undecided

Read more

EYE ON AFRICA

ICC orders Congo warlord germain Katanga to pay victims

Read more

MEDIAWATCH

Trumpcare Falls Before First Hurdle

Read more

THE WORLD THIS WEEK

Westminster Attack, Abadi in Washington (part 1)

Read more

THE WORLD THIS WEEK

Obamacare, Europe's Unholy Alliances, Martin McGuinness (part 2)

Read more

INSIDE THE AMERICAS

Export bans hit Brazil amid tainted meat scandal

Read more

#TECH 24

Inside Netflix's war room

Read more

FOCUS

French Catholic voters remain faithful to scandal-hit Fillon

Read more

PEOPLE & PROFIT

Growing ambitions: The forces driving India's economy

Read more

Business

Barclays sees big rise in profits

Text by News Wires

Latest update : 2010-04-30

Barclays, Britain's second biggest bank, met expectations with a 1.8-billion-pound quarterly profit as it joined rivals in reaping the benefit of strong investment bank earnings and falling bad debts as economic growth returns.

AFP - British bank Barclays announced Friday that its net profit soared 29 percent in the first quarter of 2010, boosted by falling bad debts and signs of economic recovery.

Net earnings rose to 1.07 billion pounds (1.24 billion euros, 1.64 billion dollars) in the three months to March from 826 million pounds in the same period of 2009, Barclays said.

Pre-tax profit jumped 47 percent to 1.82 billion pounds, with revenues up four percent to 8.07 billion pounds.

Impairment charges and other credit provisions tumbled 35 percent to 1.51 billion pounds.

"I am pleased with the strong growth in profits which we have delivered this quarter," chief executive John Varley said.

"Diversification of our business and risk, and good underlying performance, have combined to produce this result," he said.

"The improvement that we have seen in impairment (levels) reflects the signs of economic recovery now evident in many of the markets in which we operate."

Date created : 2010-04-30

  • BANKING

    Barclays pre-tax profits jump 92% to 11.642 billion pounds

    Read more

COMMENT(S)