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Thursday May 26, 07:06
Barclays predicts larger loan losses in 2005
(by Julia Jenson)

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Barclays predicts larger loan losses in 2005 Barclays Plc has upped its forecast for for loan losses in 2005 causing its stock to fall. U.K. third-largest bank’s Finance Director Naguib Kheraj said that the bank’s forecast for loan losses is ’’somewhat higher.’’ He predicted that a slowdown soft patch in the U.K. housing market will ``slow the rate of growth of consumer borrowing in the U.K.’

``It’s very clear that the credit cycle in the U.K. has turned,’’ said Michael Helsby, head of U.K. banks research at Fox- Pitt, Kelton in London. ``The fact that Barclays have seen a deterioration in the quality of their credit card-book is not good news.’’

Rise in UK bad debt was fuelled by the rise in interest rates by the Bank of England that has happened five times since November 2003. Barclays Plc saw the loans that will not be repaid mount as it stepped up its credit card business that has been running since 1966. Debts have also been piling up in consumer and mortgage lending.
Revenue in U.K. consumer banking in the quarter ``was broadly flat with growth in current accounts offset by weaker income from the mortgage business and retail savings,’’ Barclays said in a statement today.
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