Barclays on Tuesday set out cautious growth targets for the next four years amid what it acknowledged was a tougher operating environment. The UK bank, which has been the subject of speculation about its exposure to the credit turmoil, reassured investors by reporting 2007 pre-tax profits of £7.1bn, in line with its 2006 performance. Barclays’ reported losses on its exposure to credit securities of £1.6bn in the year – much lower than some of its rivals – though this included a £658m gain due to the revaluation of debts. Lex says that while some may be skeptical, on the basis of its results, Barclays has persuasive reasons to aggressively pursue growth through acquisition.
