Barclays has offered a boost to the British banking industry with a display of confidence and a 10 per cent dividend increase. Although full year pre-tax profits were down by 1 per cent at £7.08 billion, the bank has announced it does not need to raise new capital following a painful exposure to the credit crisis which included a write down of £1.6 billion of their assets .
Despite the hefty write down, the bank had predicted their sub-prime exposure to be worse, with a £1.3 billion write down initially forecast. The recent positive news had seen Barclays’ share prices rise by 3.7 per cent to 477p, bucking the trend of the majority of banks who have seen their share prices fall.
Barclays’ investment banking arm, Barclays Capital, were amongst Barclays’ best performing units, with profits up by 5 per cent at £2.34 billion.
Barclays Offers Boost to Banking Sector
Financial Services > e-banking > Banking news
Barclays Offers Boost to Banking Sector
Fri, 29 Feb 2008
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