Barclays profits down by one third

British bank Barclays reported an “acutely disappointing” 33% profit slump today after more hefty write-downs and warned that it expected tough conditions to continue through next year.

The group suffered £2bn (€2.5bn) of net credit crunch-related write-offs during the six months to June 30, dragging first half pre-tax profits for the period down to £2.75bn (€3.4bn).