Profits Down By A Third
Profits for the first six months of the year were down by 33 percent for Barclays, though some divisions, such as Barclays Insurance, supported others by performing well.
The main reason for the drop in profits is the writing down of assets due to the faltering global economy, with all financial institutions having to perform similar reductions in asset valuations. Barclays actually did better than most, still achieving profits of two and three quarter billion pounds for the six month period. Barclays Insurance was one of the best performers and may even see parts of it sold off to better balance the books.
Industry analysts were expecting a fall in Barclays figures and actually anticipated a bigger drop than this, leading them to view the Bank in a favourable light. They can also understand the potential sell off of some Barclays Insurance pieces, considering it to be a sensible move for the bank as a whole.