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Barclays' Profits Drop A Third

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John Varley, chief executive of Barclays, today posted what he called an "acutely disappointing" 33 per cent slide in first half profits to £2.8 billion and apologised for the collapse in the bank's share price.

"Our shareholders have had to endure a lot," Mr Varley said, and gave warning that it would take a long time for the business volumes enjoyed before the credit crunch hit to be achieved once again.

Total bad debts for the six months to June came in at £2.4 billion, a 155 per cent increase on the same period in 2007. The investment bank, Barclays Capital, posted net credit losses of £2 billion, sending its profits diving from £1.7 billion last time to £524 million.

Barclays Global Investors, the fund management arm, was also hit by the decline in world stockmarkets, recording a 32 per cent fall in profit to £265 million.

So only a mere £2.8bn made, will the City punish them for this sin of returning a smaller profit from last year?

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In the UK high street bank, Barclays took advantage of the home loans famine to build market share, boasting 26 per cent of the mortgage market in the first half, up from 6 per cent last year.

Interesting. Anyone checked out the results to see the LTV they lent at?

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  • 396 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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