Barclays announce £7bn profit

HIGH street banking group Barclays today posted profits of £7.08 billion last year, despite a £1.64 billion hit from the credit crunch.The profits were broadly flat on the previous year, down one per cent against the £7.

HIGH street banking group Barclays today posted profits of £7.08 billion last year, despite a £1.64 billion hit from the credit crunch.

The profits were broadly flat on the previous year, down one per cent against the £7.14 billion record haul seen in 2006 as Barclays was forced to make hefty write-downs amid the meltdown in America's sub-prime mortgage market and subsequent credit squeeze.

The group today warned of further challenges amid a slowing economy in the US and UK, but said its “resilient” performance last year gave it greater confidence to weather the storm.

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter