Barclays 'sorry' for Libor as profits top 4 b. pounds

By REUTERS
July 27, 2012 10:14

LONDON - British bank Barclays Plc said it was confident it will repair the damage caused by an interest rate rigging scandal that has rocked it and the banking industry after beating expectations with a 4 billion pound profit.

"We are sorry for the issues that have emerged over recent weeks and recognize that we have disappointed our customers and shareholders," Chairman Marcus Agius said.

"I am confident we can, and will, repair the reputational damage done to our business in their eyes and those of all our stakeholders," Agius said, reaffirming a commitment to deliver a return on equity of 13 percent.

Barclays reported an underlying pretax profit of 4.2 billion pounds ($6.6 billion) for the six months to the end of June, above an average forecast of 3.8 billion pounds from analysts polled by the company and up 13 percent from a year ago.

The bank is searching for a new chief executive and chairman after they quit in the wake of a record 290 million pound fine last month for rigging the Libor interest rate benchmark, sparking fierce criticism about its culture and risk-taking.


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