Barclays is set to post another year of record profits despite recent market turmoil and returning more than £87 million of overdraft charges to its customers.
The bank said this morning that it expects to make underlying pre-tax profits of £7.099 billion this year.
Last year, it posted underling pre-tax profits of £6.8 billion - a record for Barclays - plus £323 million in exceptional items.
Market resilience
Barclay's investment banking arm, Barclays Capital, rushed out its own trading statement two weeks ago, following continued market speculation that it had racked up massive losses.
However the write downs, which now total £1.3 billion, were less than many analysts had feared.
Barclays reiterated today that its investment banking operations had shown resilience "in the face of turbulent market conditions in the second half".
Growth
In its trading statement the firm also said its performance had been helped by "good underlying growth" in global retail and commercial banking, including its UK retail banking.
The firm added that despite problems across the Atlantic, its Barclaycard business is on course to make profits in the US this year.
November 27, 2007
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