Total income was down 9% to £11 billion ($14.49 billion) in the first six months of the year. Net profit fell to £1.1 billion from £1.6 billion the year before.
Barclays is reshaping its operations. After cutting dividends the bank is in the process trying to speed its slimming down, finding a buyer for a range of Barclays’s businesses, including a stake in its African unit. The bank recorded a loss before tax of £1.9 billion selling down these assets.
Barclays was also hit by sharply rising impairments in both its credit card business and lending to oil and gas companies. The bank put aside an extra £400 million to compensate customers sold insurance products they didn’t need.
Income at its U.K. retail business was flat for the year, with growth inRead More »from [$$] Barclays Profit Takes Hit From Asset Sales