- Barclay’s net profit rose by 12% in Q1 2009 to $1.25 billion US driven by strong growth in Barclays capital investment banking arm.
- Pretax profit in the investment banking and investment management side jumped to 1.05 billion pounds from 365 million after the acquisition of Lehman brothers’ operations.
- Global retail and commercial banking pretax profits fell by 45% to 586 million pounds.
- Impairment charges rose 79% to 2.31 billion pounds including credit market write-downs of 754 million pounds.
Barclay’s is a very strong bank and it is one of the very few banks that has required no help from the government. Looking at the numbers, it is obvious that their investment business is growing remarkably stronger after the acquisition of Lehmann Brothers. Plus, with their dividend currently standing at 9% from 30% a month earlier. This company stands to be a very strong company going forward with enough capital to sustain this recession.
Charts look remarkably bullish, with a double bottom formed at the $2.86 level on March 9th. Upper channel has finally been broken at the $19.27 level and am looking for a pull back. Will enter soon once its ready to break the white resistance line of around $19.27.
Source: MarketWatch
0 comments:
Post a Comment