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| Barclays' Q3 net dips 54% to 1.07 bn pounds |
| Press Trust of India / London Nov 10, 2009, 19:03 IST |
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British banking major Barclays today reported a fall of 54 per cent in the third quarter profit after tax at 1.07 billion pounds, impacted by rising impairment charges.
The company had a profit after tax of 2.32 billion pounds in the year-ago period, Barclays said in a statement.
The company's total income rose to 7.53 billion pounds in the quarter under review from 6.98 billion pounds in the same quarter last fiscal.
"We have maintained strong income momentum in the third quarter, particularly in Barclays Capital and across the international activities of GRCB (Global Retail and Commercial Banking), enabling us to achieve consistent profitability across the first three quarters of 2009," company's Group Chief Executive John Varley said.
For nine months period ended September, Barcalys' net profit plunged by 29 per cent to 2.73 billion pounds after the company was hit by impairment charges, or provisions made for bad debt, of 6.21 billion pounds. Total income rose 26 per cent to 23.78 billion pounds in nine months period.
During the nine-month period, impairment charges rose 65 per cent to 6.21 billion pounds. It said, "A quarter of this increase was attributable to foreign exchange movements with majority of the balance being driven by economic deterioration and portfolio maturation."
The banking entity is expecting impairment charges in the range of 9 to 9.6 billion pounds for the full year.
The company's GRCB business witnessed a growth rate of 11 per cent in January-September.
The profit before tax of company's investment banking arm Barclays Capital for the nine months was 1.41 billion pounds, while income stood at 14.2 billion pounds, almost double the prior year, driven by excellent growth in the US and Europe.
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