Barclays Capital reported a 10% rise in operating profit in the first half of the year, compared with the first half of 2001, despite a slowdown in the credit markets and increasing loan loss provisions.

The UK-based investment bank earned £370m (€587.5m) in the first half of 2002 as income grew by 18% to £1.2bn, even though there was a significant drop-off in the firm's core markets.