Barclays reports 20% surge in profits

Barclays has reported a 20% surge in 2003 pre-tax profits to £3.84bn (€6.55bn).

Britain's third-largest bank said falling bad-debt provisions and by strong performances at Barclaycard and its debt-focused investment bank Barclays Capital, helped power the figures.

Chief executive Matt Barrett refused to make any comment on Barclays supposed interest in US credit card company Providian, further adding to speculation.

"We don’t need to do anything dramatic and we will continue to view opportunities that come up on the basis of whether or not they are consistent with our strategy.

"In general we keep our eyes open for value and where they don’t meet very stringent value criteria we are not interested," he added.

Barclays has stated that it wants to create a global credit card business over the next 10 years.

Barclaycard wants to create an international card business that is as important as its operation in the UK, where it is the market leader.

The company ventured into the Irish market late last year by launching a Barclaycard with the Manchester United logo in Dublin.