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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/City-4-1.jpg"><img class="alignnone size-full wp-image-361" title="Barclays records further profit dip" src="http://londonglossy.com/wp-content/uploads/2010/11/City-4-1.jpg" alt="Barclays records further profit dip" width="200" height="201" /></a></p>
<p>Barclays has announced a further drop in profits from its investment banking division as market conditions remain challenging.</p>
<p>The BarCap arm, which accounts for around 80% of the company&#8217;s profits, saw top-line income drop 14% in the third quarter, while profits excluding accounting volatility fell 22% compared to the second quarter to £765 million.</p>
<p>A significant reduction in bad debts meant third quarter pre-tax profits rose by 8% from the previous three-month period to £1.27 billion. However, the figure was down 28% on the same quarter a year earlier.</p>
<p>John Varley, who will step down as chief executive in March after 14 years with Barclays, said: &#8220;Our income and profit performance was resilient for the first nine months of 2010 despite a subdued economic environment and moderate volumes.&#8221;</p>
<p>BarCap&#8217;s sluggish performance comes a week after Royal Bank of Scotland and HSBC posted disappointing profit figures between July and September as the financial sector counts the cost of weaker market activity.</p>
<p>In the UK retail banking division, profits were up by 20% to £734 million during the nine months to September 30. This reflected a £100 million gain on last year&#8217;s acquisition of Standard Life Bank and a year-on-year improvement in bad debts as economic conditions continued to improve.</p>
<p>Mr Varley added: &#8220;We understand what is required of us to support private sector-led economic activity and have lent some £35 billion to UK households and businesses in 2010, an increase of over 30% versus the same period in 2009.&#8221;</p>
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