British bank Barclays said on Monday that first-half net profits soared nearly 10 per cent as its investment banking unit was boosted by markets turmoil and the part-purchase of Lehman Brothers.
But Barclays, which has avoided nationalisation unlike many other leading British banks, warned that trading would remain "difficult" this year because of a spreading global recession sparked by the world financial crisis.
Net earnings leapt 9.9 per cent to £1.9 billion in the six months to the end of June, compared with £1.7 billion in the same part of 2008, the group said in a results statement.
"The investments we have made, particularly in our international businesses, are driving very strong income performance and allowing us to absorb the consequences of the economic downturn," said Chief Executive John Varley in the earnings release.
"Our goal for 2009 is very clear: we seek to deliver another year of solid profitability. Our first half performance is a good start to this."
Barclays added that revenues surged by 37 per cent to a record £16.253 billion.
Pre-tax profit rose eight percent to £2.98 billion — of which 35 per cent was attributed to the group's Barclays Capital investment division.
