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31/10/2011
Barclays Reveals £1.3bn Profits
Banking group Barclays has revealed it has made £1.3 billion in profits in the last quarter, representing a 5% rise.
The bank made pre-tax profits for the three months to September 30 of £1.34bn, compared to last year's £1.27bn.
Bob Diamond, Chief Executive of the group said: "I am pleased with the performance we have delivered for the first nine months of the year, with profit before tax exceeding £5bn, despite significant economic and market headwinds. These results demonstrate the continued progress towards our 2013 goals through building momentum across retail and corporate banking businesses and strong relative performance by Barclays capital in difficult market conditions.
"Our focus on cost reduction continues to deliver results and we are confident that we will exceed the £1bn savings target we set earlier this year."
Mr Diamond said that the company's profits before tax had been generated equally across retail and investment banking businesses, showing the "diversity and balance" of Barclays.
"Rock solid capital, funding, and liquidity have been maintained. We will continue to generate sufficient capital for our business needs and do not intend to raise new equity capital. We remain committed to lending in the UK and are on track to exceed our Merlin goals.’’
The news comes barely a week after oil giant BP declared their last three months had seen profits of $5.1 billion.
The group's chief executive Bob Dudley said the company had reached "a clear turning point" following progress made through 2011 in "reshaping and focussing the company", creating a "stronger and safer" BP able to deliver both sustainable growth and higher shareholder returns.
The oil giant said it planned to double explorations, and while cash flow was expected to grow some 50% by 2014, they were also on track to deliver "record earnings".
(DW)
The bank made pre-tax profits for the three months to September 30 of £1.34bn, compared to last year's £1.27bn.
Bob Diamond, Chief Executive of the group said: "I am pleased with the performance we have delivered for the first nine months of the year, with profit before tax exceeding £5bn, despite significant economic and market headwinds. These results demonstrate the continued progress towards our 2013 goals through building momentum across retail and corporate banking businesses and strong relative performance by Barclays capital in difficult market conditions.
"Our focus on cost reduction continues to deliver results and we are confident that we will exceed the £1bn savings target we set earlier this year."
Mr Diamond said that the company's profits before tax had been generated equally across retail and investment banking businesses, showing the "diversity and balance" of Barclays.
"Rock solid capital, funding, and liquidity have been maintained. We will continue to generate sufficient capital for our business needs and do not intend to raise new equity capital. We remain committed to lending in the UK and are on track to exceed our Merlin goals.’’
The news comes barely a week after oil giant BP declared their last three months had seen profits of $5.1 billion.
The group's chief executive Bob Dudley said the company had reached "a clear turning point" following progress made through 2011 in "reshaping and focussing the company", creating a "stronger and safer" BP able to deliver both sustainable growth and higher shareholder returns.
The oil giant said it planned to double explorations, and while cash flow was expected to grow some 50% by 2014, they were also on track to deliver "record earnings".
(DW)
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