Barclays today raised its 2007 write-down on the value of risky assets to £1.6 billion (€2.1 billion) but reported profits broadly in line with expectations.
Pretax profit for 2007 was £7.08 billion (€9.4 billion), Barclays said, down from £7.14 billion (€9.5 billion) in 2006.
Underlying profits rose 3 per cent excluding the sale of businesses that boosted 2006 earnings. Earlier this morning, Barclays shares were down 3 per cent at 447 pence, alongside a weak European bank sector after a big write-down from Credit Suisse.
Analysts said the Barclays results were resilient, and that its price dip was partly due to a 7.6 per cent rally yesterday.