Barclays Bank has released its pre-tax profit for the first quarter of 2009, showing a 15% increase compared to the same quarter of last year, despite the ongoing economic climate. Pre-tax profits were up to £1.37 billion, with total income rising to a record £8.15 billion due to a healthy performance from its investment banking group.
Barclays had avoided being given government help during the financial crisis, choosing to raise extra money privately. The bank recently sold its iShare fund management business to raise an estimated £3bn and last year raised £7bn from Middle Eastern investors.
In a statement released by Barclays chief executive John Varley, he said: “We generated strong income growth across most business lines driven by the investments we have made in expanding our international network”.
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