Arab Today, arab today barclays profit soars after slashing eurozone exposure
Last Updated : GMT 10:32:21
Arab Today, arab today
Arab Today, arab today

Barclays profit soars after slashing eurozone exposure

Arab Today, arab today

Arab Today, arab today Barclays profit soars after slashing eurozone exposure

London - AFP

British bank Barclays said Monday that pre-tax profits rocketed to nearly £2.5 billion in the third quarter as the lender slashed its exposure to eurozone sovereign debt and cut costs. Pre-tax profits surged to £2.42 billion (2.76 billion euros, $3.87 billion) in the three months to the end of September, compared with £327 million in the third quarter of last year, the lender said in a results statement. Sovereign debt exposure to Greece, Ireland, Italy, Portugal and Spain, was slashed almost a third to £8.0 billion, it added. Just over half this exposure is to Italy, at £4.1 billion, and £2.7 billion is with Spain. \"Eurozone country exposures continue to be managed closely and valued appropriately,\" Barclays said. The results were announced just days after a breakthrough deal to try and resolve the festering eurozone debt crisis. EU leaders last week had agreed to restructure Greek debt, bolster banks which would take losses as a result, help other countries struggling with debt, and more than treble the region\'s bailout fund to one trillion euros. Chief executive Bob Diamond, addressing reporters after publication of the earnings, said the eurozone debt rescue deal was \"calming and substantive\" but warned that there was more work to be done. Barclays added Monday that it was on course to beat its previously-announced target of £1.0 billion of annual cost savings by 2013. The group, which has cut 3,500 staff so far this year, expects to save £500 million in 2011. Retail bank operations in Britain, Europe and Africa, as well as the Barclaycard credit card unit, all posted rising third-quarter revenues and profits. That offset sharp declines at investment division Barclays Capital. Group pre-tax profits meanwhile jumped 19 percent to £5.1 billion in the first nine months of 2011, compared with the equivalent period a year earlier. \"I am pleased with the performance we have delivered for the first nine months of the year ... despite significant economic and market headwinds,\" Diamond added in the earnings release. \"These results demonstrate the continued progress towards our 2013 goals through building momentum across retail and corporate banking businesses and strong relative performance by Barclays Capital in difficult market conditions. \"Our focus on cost reduction continues to deliver results and we are confident that we will exceed the £1 billion savings target we set earlier this year.\" Net profit rose seven percent to £2.65 billion in the first nine months. The group did not provide a net figure for the third quarter. Barclays initially surged to the top of London\'s FTSE 100 shares index in reaction to the results. However, the stock finished 2.93 percent down at 195.3 pence on the FTSE, which closed 2.77 percent lower at 5,544.22 points. Bank shares fell sharply across Europe on Monday, with many losing more than five percent, as investors expressed a lack of confidence for an EU deal aimed at solving the eurozone debt crisis. Barclays is the first of Britain\'s big banks to report quarterly earnings, with HSBC, Standard Chartered, Lloyds and Royal Bank of Scotland (RBS) and set to unveil results over the next fortnight. \"Financials have also caught a cold despite better than expected Q3 numbers from Barclays bank, with RBS and Lloyds sliding and Barclays slipping into negative territory after initially opening higher,\" said CMC Markets analyst Michael Hewson. \"These numbers (from Barclays) were helped by increased focus on driving down costs, but investment banking revenues have declined.\"  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today barclays profit soars after slashing eurozone exposure Arab Today, arab today barclays profit soars after slashing eurozone exposure

 



Arab Today, arab today
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday