Barclays yesterday reported better-than-expected interim results and played down expectations it would look for acquisitions in the US.
Britain's third largest bank reported a 23 per cent surge in interim pre-tax profits to £2.4 billion sterling (€3.63 billion) , lifted by growth across all divisions, including Barclays Capital, the debt-focused investment bank that reported a 37 per cent jump in profits to £599 million. Dealing profits rose by 49 per cent to £787 million. The shares rose by 11¾p to 481¾p.
John Varley, deputy chief executive, would not comment on whether Barclays would counterbid for Abbey National, which has agreed an £8.2 billion bid from Santander Central Hispano.
However, he said: "We have never been, nor will we become, crassly opportunistic or speculative in our corporate development activity." Mr Varley was also cautious about Barclays buying a bank in the US. "At our current share price and at already inflated US prices, I have no intention of paying, in paper rated at nine times earnings, a big premium for expensive American retail and commercial banking businesses," he said.
There has been speculation that Barclays might become a bid target for a larger US bank, such as Bank of America or Citigroup.
When asked whether Barclays could remain independent, Mr Varley said: "We feel strongly self-confident. I think the management of this organisation is driving aggressive growth. We feel confident in our independence."
Mr Varley, who becomes chief executive next month, said about 20 per cent of Barclays' income came from outside the UK and he wanted to increase that.
He said he also wanted to accelerate Barclays' UK strategy and was concentrating on service.
