Barclays' first-half profits 'almost £3bn'

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Barclays' first-half profits 'almost £3bn'

Mon 3rd Aug 2009

Barclays Bank has revealed that its profits during the first half of 2009 stood at £2.98 billion - coming in at slightly below the £3 billion plus predicted by analysts.

However, the figure is still eight per cent higher than the £2.75 billion Barclays made during the first quarter of 2008.

It is thought that the figure was bolstered by Barclays Capital, the group's investment banking arm. However, things were reportedly less successful within its retail banking division, with profits dropping by more than half to £268 million, compared to £690 million last year.

Barclays' chief executive John Varley said: "The investments we have made, particularly in our international businesses, are driving very strong income performance and allowing us to absorb the consequences of the economic downturn."

The bank recently overhauled the look and efficiency of its online banking service and issued Pin Sentry readers, which offer safer verification while logging in, to its customers.

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