barclays profits drop

Barclays has seen annual profits drop to £7.08bn, including a net loss of £1.6bn stemming from turbulence on the global credit markets.
Profits fell by 1% from £7.13bn a year earlier, but met market forecasts.

Barclays’ shares have fallen 40% in the past year on uncertainty over its exposure to US sub-prime mortgages following the US housing slowdown.

However, Barclays - which announced it would increase its dividend by 10% - said it was “confident” looking ahead.

Shares in the firm were 3% lower at 447 pence in early trade. However, analysts highlighted that this was part of a wider fall in banking shares, after Credit Suisse said quarterly profits would be $1bn less than forecast.
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