Barclays heading for £10m a day

Patrick Hosking12 April 2012

THE bank that doesn't understand the meaning of excess profits is on track to make £10m a day in the first half of this year. Analysts stuck with their first-half profit forecasts of about £1.9bn after the bank put out a confident trading statement ahead of its close period.

Bad-debt provisions were lifted in the first quarter in response to 'a more difficult business environment', but operating profit growth picked up speed.

Default experience was mixed, it said, with provisions for bad and doubtful debts below expectations in the business banking division, but worse than expected at Barclays Capital, the division that performs debt and trading functions.

Among its peer group of 12 British and overseas banks, Barclays had produced a higher total shareholder return than any of them except Royal Bank of Scotland in the 28 months to April.

Chief executive Matt Barrett told MPs this month that he did not know what excess profits were and denied the bank ripped off customers.

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