Barclays bank 1H net profit up 10 per cent

Barclays PLC, the world's third-largest bank in terms of assets, said on Monday that profit in the first half rose by 10 per cent, lower than analysts' forecasts, and pretax profit from Barclays Capital doubled.

Barclays PLC, the world's third-largest bank in terms of assets, said on Monday that profit in the first half rose by 10 per cent, lower than analysts' forecasts, and pretax profit from Barclays Capital doubled.

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Net profit for the six months ending June 30 was 1.888 billion pounds ($3.16 billion), compared to 1.718 billion pounds in the previous year.

Revenue net of insurance claims was up 37 per cent to 16.25 billion pounds.

Pretax profit from Barclays Capital increased 100 per cent to 1.05 billion pounds, boosted by the acquisition of Lehman Brothers' business in North America. The gain, however, was offset by a charge of 893 million pounds relating to own credit on structured notes.