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Barclays bank upbeat on the future

After the announcement from Barclays bank confirming that net income increased to £1.89 billion against £1.72 billion for the same period last year, the first results from the UK banking sector were accompanied by an upbeat statement for the future. The company's share price responded with a rise to a 10 month high with many analysts already assuming that the worst is over and the UK economy is about to turn.

While there are still issues to resolve regarding write-offs and bad debts, the doubling of profits at the company's investment bank division to just over £1 billion would indicate that financial markets are again starting to loosen up. When you put together the reaction of investors and the comments from various analysts it does appear that the UK government's financial backing of the sector as a whole, and the increased liquidity, may well have contributed significantly to the improvement in trading conditions.

However, on the horizon there is still the potential for large bad debt write-offs in the short to medium term with many UK consumers and UK businesses holed below the waterline. It will be interesting to see how the markets react to the rest of the banking sector reporting season because even the slightest indication of concern could have a significant impact on share prices.

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