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Pre-tax profit declines at Barclays

Pre-tax profit declines at Barclays
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Pre-tax profit at Barclays declined during the first nine months of 2009.

The bank has posted a figure of £4.5 billion for the period to the end of September 2009, lower than the £5.6 billion it made during 2008.

Shares in the bank dropped on the stock market as a result, falling 7.3p to 355.55p at 09:45 GMT following the announcement.

Results for the third quarter were also lower than they were a year previously ,with profit reaching £1.56 billion - down from £2.8 billion.

However, the company said strong results from its investment banking business helped to limit the fall and it also announced that it will reinstate a dividend of 1p per share from next month.

John Varley, group chief executive, said that the performance "shows the resilience and diversification of our portfolio of businesses".

He added that the bank "maintained strong income momentum" in the third quarter.

Posted by Greg SeckerADNFCR-1681-ID-19451685-ADNFCR