Menu
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)
Related UK National News Stories
Click here for the latest headlines.
08 March 2004
Lloyds TSB profits hit £4.3bn
Hopes of a share buy back by Lloyds TSB were sunk today despite the banking giant reporting profits of almost £4.35 billion in 2003.
Lloyds TSB profits hit £4.3bn
Hopes of a share buy back by Lloyds TSB were sunk today despite the banking giant reporting profits of almost £4.35 billion in 2003.
06 March 2014
Shell Wants Scotland In The UK
Ben van Beurden, the Chief Executive of the oil company Shell has said he would like Scotland to remain part of the UK. In a meeting in London he said he valued the "continuity and stability: of the UK and affirmed that the company had studied the possibilities and reached the conclusion, which was supported in the UK and UE.
Shell Wants Scotland In The UK
Ben van Beurden, the Chief Executive of the oil company Shell has said he would like Scotland to remain part of the UK. In a meeting in London he said he valued the "continuity and stability: of the UK and affirmed that the company had studied the possibilities and reached the conclusion, which was supported in the UK and UE.
03 March 2011
ITV Profits Gets X Factor Boost
There has been a major profits surge for the commercial broadcaster, ITV. It has reported that pre-tax profit almost tripled last year to £321m thanks to a market-beating 16% boost in TV ad revenues, but its programme making division struggled as earnings dropped more than 10%. ITV reported total revenues up 10% to £2.
ITV Profits Gets X Factor Boost
There has been a major profits surge for the commercial broadcaster, ITV. It has reported that pre-tax profit almost tripled last year to £321m thanks to a market-beating 16% boost in TV ad revenues, but its programme making division struggled as earnings dropped more than 10%. ITV reported total revenues up 10% to £2.
16 July 2008
Co-op Agrees Somerfield Purchase
Supermarket chain The Co-operative Group has agreed to purchase rival chain Somerfield in a deal worth £1.57 billion. The deal will cement the Co-op Group's position as the fifth biggest food retailer in the UK.
Co-op Agrees Somerfield Purchase
Supermarket chain The Co-operative Group has agreed to purchase rival chain Somerfield in a deal worth £1.57 billion. The deal will cement the Co-op Group's position as the fifth biggest food retailer in the UK.
18 November 2008
Easyjet Pre-Tax Profits Plummet
Budget Airline EasyJet have seen pre-tax profits plummet by 45% to £110m despite carrying 17.3% more passengers over the year. The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
Easyjet Pre-Tax Profits Plummet
Budget Airline EasyJet have seen pre-tax profits plummet by 45% to £110m despite carrying 17.3% more passengers over the year. The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
-
Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
