Barclays profit 6.1 bln stg, beats forecasts

British bank Barclays Plc reported a 2008 profit of 6.1 billion pounds ($9 billion), ahead of analysts' forecasts but down 14 percent on the year after 5 billion pounds of writedowns.

Barclays said it expected 2009 to be "another challenging year" with credit market losses set to shrink but bad debt charges likely to rise as recession takes its toll on the economy.

But it said it had had "a good start to the year", with the performance of its Barclays Capital investment bank arm "extremely strong", and that it plans to restart paying dividends in the second half of this year.

Barclays' 2008 pretax profit was down from 7.1 billion in 2007 but ahead of an average forecast of 5.8 billion from 13 analysts polled by Reuters Estimates since new profit guidance was issued on Jan. 26.

The figure included 8 billion pounds in gross writedowns and bad debts, or a 5 billion net writedown after gains on the valuation of debt it carries on its books.

Profit included 2.4 billion pounds in gains on acquisitions, most related to its purchase of Lehman Brothers' U.S. business.

Its equity tier 1 ratio was 6.7 percent at the end of the year, up from 5.1 percent a year earlier.