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10/02/2005
Barclays reports record £4.6bn profits
The UK's third largest bank, Barclays, has reported record annual pre-tax profits of £4.6 billion.
The 20% rise in profits was mainly due to a strong performance in the Group's domestic and international divisions where interest margins increased.
Barclays Group Chief Executive, John Varley, said: "Barclays had a record year, with strong profit growth across the Group. The combination of income momentum and accelerated investment during 2004 creates a good platform for future growth."
Overall Barclay's income grew 12% and was well diversified by business, income type and geography. The Group's non-interest income rose 22% and was over half of total income. Net revenue - income less provisions - was reported up 16% from 2003.
Though the Group's Barclaycard profits were up 5% on 2003, this was less than forecasts predicted and this was attributed to a rise in interest rates which restrained profits.
The Group's operating profits rose by 15%, and was in line with expectations. Last year Barclay purchased US credit firm Juniper, an operation that was not expected to return a profit last year, but which gives the Group greater access to the US credit market.
Looking ahead, Barclay's Chairman Matthew Barrett said: "2004 was a year of strong growth across the world, with the global economy expanding by around 5%. The UK too did well, growing at more than 3%, the fastest rate since 2000 with unemployment and inflation remaining low and stable.
"The coming year may see growth slower than the rate achieved in 2004. Internationally, growth in the American and Chinese economies may moderate, while in the UK, interest rate rises during 2004 may have an impact on household spending".
Barclays is the first of the big five UK banks to report its annual figures.
(SP)
The 20% rise in profits was mainly due to a strong performance in the Group's domestic and international divisions where interest margins increased.
Barclays Group Chief Executive, John Varley, said: "Barclays had a record year, with strong profit growth across the Group. The combination of income momentum and accelerated investment during 2004 creates a good platform for future growth."
Overall Barclay's income grew 12% and was well diversified by business, income type and geography. The Group's non-interest income rose 22% and was over half of total income. Net revenue - income less provisions - was reported up 16% from 2003.
Though the Group's Barclaycard profits were up 5% on 2003, this was less than forecasts predicted and this was attributed to a rise in interest rates which restrained profits.
The Group's operating profits rose by 15%, and was in line with expectations. Last year Barclay purchased US credit firm Juniper, an operation that was not expected to return a profit last year, but which gives the Group greater access to the US credit market.
Looking ahead, Barclay's Chairman Matthew Barrett said: "2004 was a year of strong growth across the world, with the global economy expanding by around 5%. The UK too did well, growing at more than 3%, the fastest rate since 2000 with unemployment and inflation remaining low and stable.
"The coming year may see growth slower than the rate achieved in 2004. Internationally, growth in the American and Chinese economies may moderate, while in the UK, interest rate rises during 2004 may have an impact on household spending".
Barclays is the first of the big five UK banks to report its annual figures.
(SP)
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