Barclays Profits Hit £3.95 Billion
Sector: Banking & Finance
5th August 2010
UK banking giant Barclays has reported pre-tax profits of £3.95bn for the first half of 2010 - up 44% on the same period last year. The vast majority of the profits came from the bank's investment banking arm, Barclays Capital, which made £3.4bn. Barclays also said it lent £18bn to UK households and businesses over the six month period.
Earlier this week rival HSBC reported first-half profits of £7bn, while Lloyds made £1.6bn. Royal Bank of Scotland will announce its results on Friday.
Social Responsibility
Barclays chief executive John Varley said his bank had performed well in difficult market conditions. "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," he said. Mr Varley was keen to stress the efforts the bank had gone to in lending to people and businesses. "We recognise our wider social responsibility as an enabler of economic growth and prosperity, and our actions are - and will continue to be - informed by this duty," he added.
Before the major banks began reporting this week, Chancellor George Osborne sought to put pressure on banks to lend more and support the economic recovery.
Source: BBC News
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