Barclays profits climb amid ABN Amro takeover battle
AFP, August, 2007
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LONDON (AFP) — British bank Barclays, locked in a bidding war for Dutch peer ABN Amro, on Thursday posted a healthy profits increase and falling bad debts during the first half of 2007.
Barclays is battling a European consortium led by the Royal Bank of Scotland for control of ABN Amro. However, recent stock market falls have eroded the value of Barclays' bid which is mostly in shares -- in contrast with the RBS bid which is mainly in cash.
Net profit rose 13.2 percent to 2.943 billion pounds (4.37 billion euros, 5.98 billion dollars) in the six months to June 30, compared with 2.601 billion pounds in the same period of 2006, Barclays said Thursday.
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Bad debts, or loans that have been written off, sank 8.9 percent to 959 million pounds, while revenue advanced nearly 8.5 percent to 12.15 billion pounds at the third-biggest bank ...
