Barclays profits down on market headwinds

According to the bank’s managing director, Reinette van der Merwe despite the challenges that bedevilled the banking sector for the past two years, which included low interest rates and economic downturn, they managed to significantly improve the business in the second half of the year.

“As at 30 June 2015, our profit before tax stood at a third of this amount, this full-year performance therefore indicates that our second half profitability was double what we achieved in the first half of the year 2015,” van der Merwe said.