Don't miss

Replay


LATEST SHOWS

THE POLITICAL BRIEF

Maverick Mélenchon: French far-left launches its own web TV

Read more

FOCUS

Rise of sandstorms plagues Middle East

Read more

PEOPLE & PROFIT

Superjumbo travel: Discussing the future of the A380

Read more

ACCESS ASIA

Fighting unemployment: Millions of Indians face layoffs amid shrinking job market

Read more

FRENCH CONNECTIONS

Deneuve vs. #MeToo: Exploring feminism 'à la française'

Read more

ENCORE!

Meryl Streep on gender equality: 'Something has cracked wide open'

Read more

INSIDE THE AMERICAS

Trump's presidency, one year in: 365 days of outrageous tweets and blunders

Read more

MIDDLE EAST MATTERS

War in Syria: UN refugee agency denounces rape of men and boys

Read more

MEDIAWATCH

Poland protests for right to abort

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)