Strong growth helps Barclay's

Strong growth in retail and corporate banking helped Barclay's Bank nearly double underlying profits during the year's first six months despite weaker margins and increased competition.

Britain's number four bank reported first-half pre-tax profits yesterday in line with expectations at £1.842 billion sterling compared to £967 million during the year-ago period.

The profit line was helped by £178 million in onetime gains from the sale of its Dial fleet leasing arm, but analysts were impressed by an increase in underlying revenues of about 10 per cent despite greater competition.