Barclays announces drop in profits

By Rob Virtue on July 30, 2014 10:16 AM |

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Banking giant Barclays has reported a 7% fall in profits for the first half of this year caused mainly by a drop in income from its investment banking business.

Total profits for the period were at £3.35billion.

Barclays group chief executive Antony Jenkins said overall results were impressive but added: "Performance in the investment bank was impacted by the repositioning under way, as well as difficult trading conditions in the quarter, but it is where we expected it to be at this point."

Shares at the Canary Wharf-based firm rose 4% on Wednesday morning following the results, as analysts said it had beaten expectations.