Barclays profits climb 44% to £3.95bn

Barclays has posted profits of £3.95bn for the first half of 2010, up 44% on the same period last year.

The bulk of the profits were provided by the group's investment banking arm, Barclays Capital, which made £3.4bn.

The results continued a good week for banks. Lloyds posted a £1.6bn profit yesterday, while HSBC reported on Monday its profits had doubled to £7bn.

Barclays also responded to pressure from Chancellor George Osborne, who had earlier called on banks to increase lending to support any economic recovery.

The bank used its results announcement to defend its record on lending, arguing it lent £18bn to UK households and businesses over the six month period.

Chief executive John Varley says: "We recognise our wider social responsibility as an enabler of economic growth and prosperity, and our actions are - and will continue to be - informed by this duty."