Barclays Customer Debt Figures Good
Published: 06/12/07
Barclays have commented that their customers are not showing signs of increased debt, despite the pressures of interest rate rises.
Barclays Insurance, banking and investments are all expected to perform in line with expectations, with corporate diversification helping the bank ride the turbulent markets reasonably well. Individual sectors of the business, like US home loans which saw GBP 800 million written off only last month, have been offset by sterling performances in other ones. The investment side of the business for example made pre-tax profits of almost two billion pounds in the first ten months of 2007.
Customers of Barclays insurance business, a relatively new addition to the Barclays stable, have also helped make a contribution to the overall bottom line, with the company having to balance start up costs and promotional spend but coming out strongly.