Barclays profit soars on reduced exposure to eurozone debt

31st October 2011, Comments 0 comments

British bank Barclays said Monday that the group's pre-tax profits soared to £2.42 billion (2.76 billion euros, $3.87 billion) in the third quarter as it slashed its exposure to eurozone debt.

Pre-tax profits had stood at £327 million in the third quarter of 2010, Barclays said in a statement.

Barclays said its sovereign exposure to Greece, Ireland, Italy, Portugal and Spain was reduced by 31 percent to £8.0 billion in the third quarter.

"Eurozone country exposures continue to be managed closely and valued appropriately," the bank added.

© 2011 AFP

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