Profits at British bank Barclays jumped 20% in 2003, slightly ahead of market expectations, boosted by growth at its Barclays Capital investment bank.
Pre-tax profit rose to £3.8 billion in 2003. Operating profits at the Barclays Capital investment bank rose 35% to £782m. The debt-focused business has gained from booming issuance and dealing in corporate bonds amid low interest rates, though investors had voiced concerns that the business might wane as rates rise.
Barclays is the first of Britain's large commercial banks to report for 2003. UK lenders have been buoyed by a consumer boom with interest rates at lows not seen since the 1950s.
Profit was also boosted by a fall in bad debt provisions, which dropped 9% to £1.35 billion.
