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Barclays pre-tax profits drop by a third
Business digest: Bank sees investment profits fall from last year; Bob Diamond blames economy
Barclays reported pre-tax profits for the first half of this year of £2.6bn, down 33 per cent on the same period last year.
The bank said that earnings from its investments branch, Barclays Capital, had fallen by nine per cent to £2.3bn. Barclays was also hit by a £1bn charge for misselling of payment protection insurance (PPI).
Bob Diamond, the bank's chief executive, said that he was pleased with the results considering the "lacklustre" economic environment.
Diamond also pointed to Barclays' £20bn of new lending to businesses as part of the bank's Project Merlin commitments to the government.
Read a full report at BBC News. ·
