Barclays reveals profits slump

Barclays today revealed a 33% first half profits slump as the bank suffered £2.8bn (€3.52bn) of credit crunch write-downs.

The group posted £2.75bn (€3.46bn) of pre-tax profits for the six months to June 30 after racking up another £1.1bn (€1.4bn) of credit crunch impairments on top of the £1.7bn (€2.1bn) reported during the first three months.

Barclays chief executive John Varley said the group had experienced “significant” write-downs and that profits decline was “acutely disappointing”.