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| Barclays profits fall by a fifth | Barclays profits fall by a fifth |
| (about 1 hour later) | |
| Barclays has seen its profits for the first nine months of the year fall by almost one-fifth after it was hit by £6.2bn of charges to cover bad debts. | Barclays has seen its profits for the first nine months of the year fall by almost one-fifth after it was hit by £6.2bn of charges to cover bad debts. |
| The bank's pre-tax profit for the nine months to the end of September totalled £4.542bn, down 19% from last year. | The bank's pre-tax profit for the nine months to the end of September totalled £4.542bn, down 19% from last year. |
| Meanwhile, rival HSBC said its pre-tax profits for the nine months were "ahead" of a year earlier. | |
| Without releasing any figures, HSBC said it was benefiting from its wide global reach and cost cutting. | |
| The results from Barclays and trading update from HSBC come after rival Royal Bank of Scotland (RBS) last week reported a pre-tax loss of £2.2bn for the three months to 30 September. | |
| Unlike RBS, neither Barclays nor HSBC have needed direct government support. | Unlike RBS, neither Barclays nor HSBC have needed direct government support. |
| UK woes | UK woes |
| Although Barclays' profits for the nine months fell, its revenues were up 26% from a year earlier to £23.8bn. | Although Barclays' profits for the nine months fell, its revenues were up 26% from a year earlier to £23.8bn. |
| During the three quarters, the bank saw a marked difference in performance between its UK and overseas operations. | During the three quarters, the bank saw a marked difference in performance between its UK and overseas operations. |
| While its global commercial and retail banking units saw profits rise 11% over the nine months, profits at its UK retail business "decreased significantly". | |
| When Barclays' bad debt provisions and other one-off factors are pulled out, pre-tax profits before exceptional items totalled £4.4bn for the nine months, more than double a year earlier. | |
| Barclays chief executive John Varley said the results showed "the resilience and diversification" of the bank's portfolio of businesses. | Barclays chief executive John Varley said the results showed "the resilience and diversification" of the bank's portfolio of businesses. |
| The bank's pre-tax profit for the three months to 30 September was down 45% to £1.56bn. | The bank's pre-tax profit for the three months to 30 September was down 45% to £1.56bn. |
| Shares in Barclays were down 2.5%, or 8.4 pence, to 334p in early trading. |