Barclays Bank profits rise by a third in 2006

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Feb 20, 2007, 8:43 GMT

London - Britain's Barclays Bank Tuesday reported a record pre-tax profit of 7.14 billion pounds (13.9 billion dollars) in 2006 - a rise of 35 per cent on the previous year. Barclays, the first of Britain's five leading banks to publish 2006 results, said it was helped by growth in its investment banking and fund management businesses. But it also reported bad debt of 2.15 billion pounds, an increase of 37 per cent, as borrowers struggled to pay back loans at its Barclaycard business. The credit card unit saw profits fall by 40 per cent but the bank said it felt Barclaycard had now 'passed the worst.' Barclays chief executive John Varley said 2006 had been an 'excellent year' and that it was 'well-positioned for future growth.' The UK's top five banks are forecast to report combined profits of 38 billion pounds for the past year. © 2007 dpa - Deutsche Presse-Agentur

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Barclays Bank profits rise by a third in 2006

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