Investment Banking Unit Limits Profit Fall For Barclays (BCS)

Barclays PLC (NYSE: BCS), the second largest English bank, reported a 3rd quarter profit of £ 1.56 billion ($2.6 billion). A year before, they were £ 2.8 billion.

As global capital markets and trading activity were on the uptick, Barclay’s investment banking unit helped limit the profit fall. The English Bank also expects bad debts to peak earlier. Barclay’s will pay a dividend of 1 P a share. At $ 21.88 a share, the stock was down 5.57% in the morning trades. For the 9 months ended September, Barclay’s announced a pretax profit of £ 4.5 billion. They were £ 5.6 billion a year ago. As borrowers were defaulting, Barclay’s impairment charges and other provisions shot up.