Barclays profits slump by a third in first half of 2008
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Published
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Mon, 18 Aug 2008 08:34
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London - Britain's Barclays bank Thursday reported a 33-per- cent drop in pre-tax profits for the first half of 2008 as a result of the credit crunch. The bank made a pre-tax profit of 2.75 billion pounds (5.5 billion dollars) in the six months up to the end of June. It said it wrote off 1.1 billion pounds from exposure to US subprime mortgages and other problems linked to the credit market. Barclays recently raised 4.5 billion pounds from investors to increase the strength of its balance sheet. The bulk of shares were sold to major overseas and institutional investors, led by Qatar, China and Singapore.
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