Barclays H1 profits surge to £4.5bn but bad loan charges rise

by | Jul 27, 2023

(Sharecast News) – Barclays became the second bank to post surging profits on the back of higher interest rates and lift its provisions for bad loans.
The bank posted a 22% rise in pre-tax profit for the six months to June 30 to £4.5bn. Bad loan charges increased to £900m from £341m.

Net interest margin – a key metric charting the difference between loan and savings rates, soared to 3.2% from 2.67% as savers continued to receive feeble returns on their deposits amid mounting accusations of “profiteering” in the sector.

Barclays said it now expected NIM to be less than 3.20%, with a current view of around 3.15%.

Reporting by Frank Prenesti for

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