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Barclays reveal profits plunge
Aug 3 2007 by Tony McDonough, Liverpool Daily Post
BARCLAYCARD yesterday revealed profits had plunged 17% to £272m in the first six months of the year.
However, the division of the Barclays Group which employs more than 800 people in Liv-erpool, said the fall was down to the impact of a property transaction in the previous year.
It also said the amount of money set aside in the division to cover bad debt fell 9% to £443m, as it benefited from initiatives such as more selective customer recruitment.
Barclays said that profits at its UK banking business grew 9% to £1.36bn, despite an £87m charge to cover refunded overdraft fees.
The figures for the six months to June 30 emerged as Barclays confirmed group-wide profits of £4.1bn, an increase of 12% on a year earlier.
Continued strong trading at investment banking arm Barclays Capital helped the performance, with the division posting a 33% rise in profits to £1.66bn.
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