Barclays reports 6bn profit

Barclays has reported a solidly profitable 2008 despite strong headwinds.

Barclays has reported a “solidly profitable” 2008 despite “strong headwinds”.

The banking group says pre-tax profits fell 14% to £6bn for the year ended 31 December.

The results come a month after Barclays, which has not taken Government funds, wrote to investors to reassure them after its shares plummeted over concerns about its financial health.

Profits from its retail banking division were up 7% to £1.37bn but profits in its commercial arm fell 7% to £1.27bn.

The bank is to reposition its high street proposition and return to TV this year. It is working with Bartle Bogle Hegarty to create activity focussed on how its retail customers can take small steps to control their finances.

Looking forward, the financial services firm says 2009 will be another “challenging year” as a result of the global economic downturn but it is “well positioned to maintain Barclays competitive strengths through the undoubted challenges that will come in 2009 and beyond.”

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