Barclays reassures on its ability to cross without striking the economic crisis. The half-year net profit of 1.9 billion pounds, almost 10 increase over the first half of 2008, has not reached 2.2 billion expected by analysts, but his scholarship course completed yesterday an increase of 6.7 to 3.23 books.
As the second British Bank by capitalization continues to take the fruits of its diversification strategy. Its Bank of investment Barclays Capital, the weak link last year, comes this year to offset the decline in profit before tax from retail activities: its own result was multiplied by two through the acquisition of North American operations of Lehman Brothers.
John Varley, CEO of Barclays, can therefore promise the resumption of the dividend this year, as the solvency ratio of core Tier-1 increased from 5.6 to 8.8 in six months, taking into account the assignment of BGI asset management. And yet supplies grew by 86 over the first half of 2008, 4.6 billion books, under the effect of the recession and rising unemployment. In total, 1.17 billion within Barclays Capital, which also recorded losses of values on its portfolio of credit to $ 3.5 billion of book. It lowers as its half-year revenues. For the rest of the year, the Group expects a recession of impairment but not provisions.
In the meantime, Barclays Capital wants to take advantage of its current Dynamics. The British Group intends to develop in the field of mergers and acquisitions, and actions of the strengths of Lehman, and Asia. Robert Diamond, the pattern of Barclays Capital, said he was going to hire some 1,000 people, which will bring back the investment bank Barclays to the level of the end of 2008, prior to the integration of teams of Lehman.
Presence in France
Despite this change in size of the Investment Bank, retail banking and wealth management - who know a passage vacuum - must always be term two-thirds of the benefit of the group. "Our growth is reached by the activities with the customer, said Frits Seegers, the pattern of Barclays Global Retail and Commercial Banking. We have 6 million additional customers in the world in the first half, including 1 million to the United Kingdom... The total reached 50 million, of which 28 million abroad. "In this context, Barclays welcomes its presence in France. "Our market share progress with clients that we are targeting, said Frits Seegers." We serve 50,000 affluent customers and our goal is to reach 100,000 in 2011.
Approximately 51 of the benefit of the group is directed abroad, a proportion to grow in the future. Under the weight of the ships, the decline in profit before tax reached 62 for the Bank to individuals in Britain and 41 for the business activity. The situation in the international is mixed, with a moderate decline (17), South Africa, where it is important in Europe (73), due to the Russia. Activities in emerging countries have even a slight loss because of the India and the United Arab Emirates. Barclays Card draws his pin of the game with a stable profit.
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