 Barclays is the first of Britain's major banks to report for 2003 |
Barclays has reported a 20% rise in full-year profits, boosted by growth at its investment banking business. The UK's third biggest bank said pre-tax profits rose to �3.84bn ($7.18bn) from �3.205bn a year ago.
Operating profits at Barclays Capital investment bank rose 35% to �782m, the company said.
The bank's key debt-focused business has gained from booming issuance and dealing in corporate bonds amid low interest rates
'Strong results'
Barclays is the first of Britain's large commercial banks to report for 2003.
Profit was also boosted by a fall in bad debt provisions, which dropped 9% to �1.347bn.
Barclays chief executive Matt Barrett said: "These are strong results, which demonstrate the momentum we have generated over our first four-year goal period."
The company said it saw strong potential growth in its domestic market, with its primary strategy centring on "organic growth".
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