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Moneycontrol » News Center » International Results
Barclays Q3 profit £1.56 bln, restarts div
Published on Tue, Nov 10, 2009 at 15:15   |  Updated at Tue, Nov 10, 2009 at 16:14  |  Source : Reuters
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Barclays Plc said strong investment banking powered a 1.56 billion pound (USD 2.6 billion) profit in the third quarter, helping offset a big bad debt charge, as the bank restarted dividend payments.
Britain's second-biggest bank on Tuesday reported a pretax profit of 4.5 billion pounds for the nine months to the end of September, down from 5.6 billion a year ago. Profit excluding gains on acquisitions, debt buybacks and other one-off items more than doubled to 4.4 billion, the bank said.
Barclays said impairment charges and other provisions hit 6.2 billion pounds in the nine months, up from 3.8 billion a year ago, as a fragile UK economy and rising unemployment led to more borrowers defaulting on loans.
Barclays said it expected impairments for the full year to be around the bottom end of the previously referenced 2009 consensus range of between 9 billion pounds and 9.6 billion.
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Tags: result, Barclays Plc, investment banking, debt, dividend payments, UK economy, defaulting on loans
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