The logo is reflected through the windows of the Barclays headquarters in Canary Wharf, London, UK
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London – Bank of England barclays bank Third-quarter net profit for shareholders reported on Thursday was 1.6 billion pounds ($2 billion), beating expectations.
The result compared with a net profit forecast of 1.17 billion pounds in a London Stock Exchange Group analyst survey and was 23% higher than the same period in 2023.
Revenue for the period was £6.5bn, slightly above forecasts of £6.39bn.
The bank’s return on tangible equity rose to 12.3% from 9.9% in the second quarter, and its CET1 ratio, a measure of solvency, rose to 13.8% from 13.6%.
Earlier this year, Barclays announced strategic reform In an effort to cut costs, boost shareholder returns and stabilize its long-term financial performance, the company has placed a greater emphasis on domestic lending while maintaining its volatile investment banking unit. This strategy includes Acquisition of UK retail banking business Tesco Bank.
Season 2Barclays’ net profit fell slightly year-on-year due to lower revenue from UK consumer and corporate banks, while its investment bank’s net profit increased by 10%.
Those gaps narrowed in the third quarter, with domestic bank revenue rising 4% and the bank raising its annual forecast for UK retail net interest income to £6.5 billion from £6.3 billion. Corporate banking revenue grew 1% due to higher average deposit balances, while investment banking revenue grew 6%.
Barclays shares have soared 55% so far this year after falling in 2023.
Several banks have announced plans to restructure, streamline operations and cut costs as they face the potential for weakening net interest margins as interest rates fall. HSBC earlier this week talk Consolidate its operations into four business units.
Deutsche Bank Third-quarter reporting season begins Wednesday, releases Net profit higher than expected Revenue from the investment banking and asset management division increased 11% year-on-year.
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