We consider that U.K.-incorporated Barclays Bank PLC (Barclays) has a broadly diversified business profile, with a strong franchise across retail, commercial, and investment banking. It has progressively expanded outside its domestic market through acquisitions and organic growth. For example, non-U.K. customer lending represented 54% of the group total at June 30, 2009. Excluding nonrecurring gains and a loss on own debt, Barclays reported a £4.4 billion pretax profit for the first nine months of 2009, which was a 116% increase on the same period in 2008. The performance of the retail and commercial banking activities was depressed by elevated impairment charges, but this decline was more than offset by increased earnings from Barclays Capital, which benefited from favorable market conditions
