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Barclays reports pre-tax profits of £3.95bn

Barclays has reported a £3.95bn pre-tax profit for the first six months of 2010, up from £2.75bn a year earlier.

Its share by value of gross advances over the first half in UK mortgages was 14%.

Its UK Retail Banking profit before tax increased 61% to £504m, compared to £313m in 2009, including a £100m gain on the acquisition of Standard Life Bank and lower impairment charges, partially offset by margin compression as a result of the continued low interest environment.

The average LTV ratio of new mortgage lending was 51% and impairment charges decreased 14%, driven by low interest rates and improvements in the quality of new business.

As a result, net income grew 6% to £1,724m, compared to £1,630m in 2009.

Average mortgage balances grew 16%, and mortgage balances stood at £98.7bn at the end of the six months, compared to £87.9bn on December 31.

Its mortgage market share grew to 8%, up from 7% in 2009 .

Net mortgage lending was £3.3bn, compared to £2.2bn in 2009.

The average LTV of the mortgage portfolio including buy-to-let on a current valuation basis was 42%.


Conveyancing Alliance revamps quote system

Conveyancing Alliance has updated its online quotation system, launched a remortgage product, and revised its purchase conveyancing product.

Nottingham broker wins iPad in Precise draw

Adam Roberts of Southside Mortgages in Nottingham has won an iPad in Precise Mortgages’ registration draw. Other prizes available to brokers who registered included holiday vouchers.

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


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