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Profits at Barclays UK banking arm up 20%

Barclays UK retail banking arm has posted a 20 per cent rise in pre-tax profits for the first nine months of  the year from £610m to £734m.

The profit includes a £100m gain on the acquisition of Standard Life Bank, which transferred to Barclays in January this year.

Gross new lending for UK mortgages and businesses, including Standard Life Bank, grew 34 per cent from £26.1bn to £35bn.

Net mortgage lending was £4.8bn while gross mortgage lending was £20.6bn.

Overall the bank made a group profit before tax for the nine months to September 30, 2010 of £4.3bn, up 4 per cent from £4.1bn over the same period last year.

Profit before tax for Q3 was up 8.5 per cent from the previous quarter from £1.17bn to £1.3bn.

Barclays has maintained its core tier one capital ratio of 10 per cent, the same level as June.

Impairment charges fell by 27 per cent from £6.2bn to £4.2bn.

Barclays Capital, the investment arm, saw pre-tax profit jump 22 per cent from £2.7bn to £3.3bn.

Barclays will pay a third interim cash dividend for 2010 of 1p per share on December 10, giving a declared dividend for the year-to-date of 3p per share.

Group chief executive John Varley (pictured) says: “Our income and profit performance was resilient for the first nine months of 2010 despite a subdued economic environment and moderate volumes.

“Our capital, leverage and liquidity ratios remain strong. We are well equipped to deal with regulatory change as Basel III is implemented between now and 2019.

“We understand what is required of us to support private-sector led economic activity and have lent some £35bn to UK households and businesses in 2010, an increase of over 30 per cent versus the same period in 2009.”


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