Poor old Barclays only made £ 6 100 000 000 profits last year

[Uncle Spielberg]

Tough times for Barclays whose profits " fell " to to £ 6 100 000 000 even taking into account the losses in the USA and bad debt write offs.

Now in view of this is there any chance of the fecking Woolwich Plc lending out some mortgages for people you bastards .

That is all.

 

[Timbo]

Not surprised after the introduction of their £22 per week charges for going overdrawn.

 

[Uncle Spielberg]

Barclays makes profit of £6.1bn

Barclays' share price has fallen more than 80% in the past 12 months
Barclays Bank has reported profits before tax of £6.08bn ($9bn) for the full year of 2008, down 14% on its profits taken in 2007.

Chairman Marcus Agius said the bank had been "solidly profitable despite strong headwinds" experienced during the year.

The bank's charges on bad debt, including US sub-prime mortgages, almost doubled to £5.4bn.

Last month, the bank wrote an open letter to investors, forecasting profits of more than £5.3bn.

The letter was prompted by sharp falls in Barclays' share price on the back of worries over the bank's financial strength.

Mixed picture

Barclays' profits included £2.41bn of gains from acquisitions, mainly from its takeover of the North American operations of Lehman Brothers, the failed US bank.

Profits from retail banking were up 7%, from £1.28bn in 2007 to £1.37bn.

However, at the bank's commercial arm, profits were down by 7%, from £1.36bn to £1.27bn.

The bank said lending to both retail and commercial customers increased on the previous year.

 

[Timbo]

I'd imagine shareholders and management will be rewarded to the tune of £6.09 bn and next year when it all goes tits up Barclays will come crying to us to bail them out.

 

[Common as Mook]

Sound management and a sound business plan.

 

[Mendoza]

they have way too much money to burn if they can afford a f*** off huge long waterslide through a whole city

 

[champion7]

they have way too much money to burn if they can afford a f*** off huge long waterslide through a whole city

 

[Timbo]

Sound management and a sound business plan.

Banks only have one business plan. To take as much money off their customers as possible.

 

[lost in london]

Stay calm everyone, regardless of these figures I heard on Saturday from a reliable source in the FSA that Barclays are officially in the sh*t - similar position to Natwest a few months ago. Big problem for them is that the government is going to be very hesitant to bail them out becuase of the fact that they are already 30 or 40% foreign owned.

Watch this space.

 

[Spiros]

Almost anyone who has a private pension plan that isn't based on their final salary should be pleased that the likes of Barclays, BP, etc continue to post good profits. The main investors in these companies are the pension funds that need to make good profits in order for us to have something to retire from. Like many others I don't have the security of a public sector pension or a company final-salary scheme so if I don't want to be on benefits in my old age I depend on the likes of these companies to continue to make this kind of money. Think about it.

 

[Freddie Goodwin.]

Must admit to being very impressed with the re-furbished North Street bank's decor.

 

[Spearritt of the Albion]

Like many others I don't have the security of a public sector pension or a company final-salary scheme so if I don't want to be on benefits in my old age I depend on the likes of these companies to continue to make this kind of money. Think about it.

I'm not saying that you're having a go a public sector pension schemes but this is one of the subjects that constantly comes up in times such as these and it gets my back up every time.

I was a civil servant from 1978 until 1995 when I was TUPE'd across to the private sector. However TUPE does not cover pension schemes it is merely designed to protect your terms and conditions at the point of transfer. I have been lucky as the private companies I have worked for daren't stitch up their workers for fear of losing the massive government contracts that they have signed up to but these companies can be quite ruthless on smaller contracts.

Anyway, back to the public sector.

Most Civil Servants are extremely hard working and dependable employees who are happy to take home lower than average pay packets (even now that I am in the private sector my salary has never caught up and I am around 10 grand a year below the average for my IT job). The trade in for this lower than average salary was always the final salary pension and the knowledge that, were I to be made redundant, I would have a tidy sum guaranteed.

Private sector workers who started out in the 80's and 90's started to get very close to these terms and conditions but for, the time being, this is no longer happening.

Now, however, even the Civil Servants are no longer entitled to sign up to a Final Salary pension scheme so they are left with a low salary and, now, a crap pension.

 

[Don Quixote]

These directors should all be put infront of the shooting squad if you ask me...

 

[beorhthelm]

Stay calm everyone, regardless of these figures I heard on Saturday from a reliable source in the FSA that Barclays are officially in the sh*t

er, yeah £6billion in the shit

just go to show its the fear in the banking sector that is doing the damage not the reality.