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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. |
| Rival HSBC said its pre-tax profits for the nine months were "ahead" of a year ago, although it did not release an exact figure. | Rival HSBC said its pre-tax profits for the nine months were "ahead" of a year ago, although it did not release an exact figure. |
| HSBC said it was benefiting from its wide global reach and cost cutting. | 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. | 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. |
| HSBC said its rise in profits came despite tough economic conditions | HSBC said its rise in profits came despite tough economic conditions |
| 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". | 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 other one-off factors are pulled out, Barclays' 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, at 334p in early trading. | Shares in Barclays were down 2.5%, or 8.4 pence, at 334p in early trading. |
| 'Solidly profitable' | 'Solidly profitable' |
| HSBC said its strong trading update came despite economic conditions remaining "challenging". | HSBC said its strong trading update came despite economic conditions remaining "challenging". |
| It added that its global banking and markets unit was having a "record year", while its commercial banking division was "solidly profitable in all regions". | It added that its global banking and markets unit was having a "record year", while its commercial banking division was "solidly profitable in all regions". |
| "Thanks to a highly diversified business model, a clear and unchanged strategy and a focus on banking fundamentals, HSBC continues to deliver broadly based profits at this pivotal stage of the business cycle," said HSBC chief executive Michael Geoghegan. | "Thanks to a highly diversified business model, a clear and unchanged strategy and a focus on banking fundamentals, HSBC continues to deliver broadly based profits at this pivotal stage of the business cycle," said HSBC chief executive Michael Geoghegan. |
| He added that the bank was continuing to attract new customers. | He added that the bank was continuing to attract new customers. |
| Shares in HSBC were up 3.5% or 24.5 pence to 719.5p. | Shares in HSBC were up 3.5% or 24.5 pence to 719.5p. |