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Barclays reveals profits of £4.5bn

Barclays Group has revealed profits of more than £4.5bn over the first nine months of the year.

Although its standalone pre-tax profits of £4.542bn were down 19 per cent on Q3 2008’s £5.595bn, pre-tax profits alongside credit, gains on debt buy back and gains on acquisitions were up 116 per cent from £2.05bn in Q3 2008 to £4.41bn in Q3 2009.

The bank’s profits were hit by a £6.3bn impairment charge against bad debts over the last nine months.

Income into the group increased by 26 per cent to £23.79bn from 2008’s £18.8bn driven by income growth in Barclays Capital and the international businesses within Global Retail and Commercial Banking. Barclays’ International business was increased dramatically at the end of the 2008 after it bought much of Lehman Brother’s investment unit.

Profit before tax at UK Retail Banking for the nine months “decreased significantly”, but Barclays Capital profit before tax for the nine months was £1.42bn. Barclays says this was driven by growth in the US and Europe and strong performances in the fixed income, commodities and currency, equities and prime services businesses.

Share dividend was also restored by the bank, now at 1p per share.

Barclays group chief executive John Varley (pictured) says: “We have maintained strong income momentum in the third quarter, particularly in Barclays Capital and across the international activities of the group, enabling us to achieve consistent profitability across the first three quarters of 2009. This performance shows the resilience and diversification of our portfolio of businesses.”

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