Barclays reports profits of £4.5bn
Share
Barclays has reported a profit of £4.5bn for the first nine months of the year, down from £5.59bn last year - a 19% decrease.
Gains from acquisitions and disposals and gains on debt buy-backs saw its profit before tax increase 116% from £2,046bn to £4,413bn.
But provisions for bad loans across all its businesses climbed by almost two thirds to £6.2bn in the first nine months of the year.
Income increased 26% to £23,786bn driven by very strong income growth in Barclays Capital and the international businesses within Global Retail and Commercial Banking.
Barclays says profit before tax for its UK Retail Banking for the nine months decreased significantly, impacted by the current economic conditions.
Income decreased reflecting the impact of liability margin compression, which more than offset higher income from Home Finance.
Impairment charges for the nine months were higher than for the previous year; mortgage impairment charges remained low but it says costs were managed lower through continued tight control of discretionary spending.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
