Barclays first half profit up 44%

| August 5, 2010 | 0 Comments

Today’s results from Barclays has reinforced that the banking sector is in recovery mode after the bank reported a 44% rise in profits.

The bank, which is one of the few not to have received any financial help from the Government, said pre-tax profits came in at £3.95 billion for the six months to the end of June - a rise of 44% on the same period last year.

According to the bank, the majority of its profits arose from its investment banking arm, which made £3.4 billion.

Meanwhile, the bank said lending totalled £18 billion over the six-month period.

The figures come in the same week that Lloyds Banking Group reported it returned to profit in the first six months of 2010, revealing profits of £1.6 billion, against a loss of £4 billion a year earlier.

Furthermore, HSBC reported profits more than doubled, exceeding analysts expectations.

HSBC, which is Europe’s largest bank, announced a pre-tax profit of $11.1 billion (£7 billion) for the six months to the end of June, compared with $5 billion in the same period a year ago.

Royal Bank of Scotland (RBS), which is 83% owned by the Government, will unveil its first half profits tomorrow.

Commenting on today’s figures, Barclays chief executive, John Varley, said: “Against the backdrop of subdued economic and market activity and the sovereign debt storm of the second quarter, we have delivered good growth in income and profits.”

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