Reuters: Regulatory News: Barclays sorry for Libor as profits top 4 bln stg

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Barclays sorry for Libor as profits top 4 bln stg Jul 27th 2012, 06:17 LONDON, July 27 | Fri Jul 27, 2012 2:17am EDT LONDON, July 27 (Reuters) - British bank Barclays Plc on Friday apologised for an interest rate rigging scandal that has rocked it and the banking industry in the past month as it beat expectations with an underlying half-year profit of more than 4 billion pounds. "We are sorry for the issues that have emerged over recent weeks and recognise that we have disappointed our customers and shareholders," Chairman Marcus Agius said, as he reaffirmed a commitment to deliver a return on equity of 13 percent. Barclays reported an underlying pretax profit of 4.2 billion pounds ($6.6 billion) for the six months to the end of June, above an average forecast of 3.8 billion pounds from analysts polled by the company and up 13 percent from a year ago. Statutory profits fell 71 percent to 759 million pounds including one-off items such as a 290 million pound fine for rigging Libor interest rates and a 450 million pound provision to cover the mis-selling of interest rate hedging products.

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