Barclays posts 5% profit rise in Q3

31 October 2011

Barclays enjoyed increased profits throughout the third quarter of the year, new figures published today (31 October) have revealed.

According to data released by Britain's second-largest bank by assets, it posted profits of five per cent during this three-month timeframe - a higher figure than previously anticipated.

It was shown that the financier recorded pre-tax profit before debt valuation adjustments in the quarter up to 30 September of £1.3 billion ($2.1 billion), which represents a marked climb on the £1.27 billion it had this time last year.

However, the company endured a sharp decline in its investment banking unit, where profits slumped by 15 per cent during this period.

Chief executive officer of Barclays Robert Diamond described this as "no surprise" as all financiers have faced a "period of considerable challenge and uncertainty".

Recently, it emerged that Fitch had placed the bank on negative watch with regard to its credit rating.

By Tony Aynsley

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