Barclays Profits Fall on Impairments

Updated from 2:59 a.m. EST

LONDON (TheStreet) -- U.K. bank Barclays(BCS Quote) said net profit for the nine months ended Sept. 30 fell 29% as impairment charges rose 65% from a year earlier.

Barclays, in a trading update, Tuesday reported earnings of 2.73 billion pounds ($4.54 billion), down from 3.825 billion pounds in the same nine months of 2008.

The bank, one of the few British banks not to resort to a multibillion government bailout, said impairment charges in the period were 6.21 billion pounds vs 3.76 billion pounds a year earlier. Barclays said it expects impairments for the full year to be at the lower end of a range of 9 billion pounds to 9.6 billion pounds. ...