Barclays banking business booming

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Barclays banking business booming

Thu 10th Feb 2005

Barclays announced a sharp rise in profits today.

The 20 per cent year-on-year increase in pre-tax annual profits has been put down to the healthy state of the global economy.

But while critics have accused the bank of profiteering, chief executive John Varley said that a buoyant banking sector was good news for the British economy.

"Strong economies need strong banks," he told the Today programme this morning. "Three of the top ten banks in the world are British - that's a good thing not a bad thing."

In March last year HSBC announced the biggest ever annual profits for a UK bank.

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