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Barclays sees profits tumble

first_img whatsapp Tuesday 9 November 2010 8:47 pm Share More From Our Partners Fort Bragg soldier accused of killing another servicewoman over exthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comColin Kaepernick to publish book on abolishing the policethegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com KCS-content Show Comments ▼ whatsapp Tags: NULL INVESTORS reacted positively yesterday despite Barclays unveiling quarterly pre-tax profits of £1.27bn (excluding own credit), a 28 per cent drop on last year. Including own credit losses – the effect of mark-to-market write-downs – profit plunged 76 per cent to £327m.Barclays stock climbed by over three per cent throughout the day in part due to an unexpectedly speedy improvement in impairments, which fell 31 per cent. Basic earnings per share were down seven per cent to 21.3p, but the bank decided to re-issue a quarterly dividend of 1p. It reported that it has set aside £1.6bn for bonuses as outgoing CEO John Varley called the results “resilient despite a subdued economic environment and moderate volumes”.Varley is to be replaced by current Barclays Capital chief Bob Diamond, whose division was the biggest drag on profits. Pre-tax profit was wiped out, dropping 149 per cent to record a £182m loss. The bank blamed the figures on mark-to-market write-downs combined with a generally difficult climate for investment banks. There was good news on the bank’s capital ratio. It reported a core tier one ratio of 10 per cent, no change from last quarter. The bank said it estimated the costs of complying with Basel III would be £150bn, with £50bn to be absorbed by management decisions. Barclays sees profits tumble last_img read more

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