Barclays kicks off European bank earnings with 12% profit rise
BCS•Barclays reported third-quarter pretax profit of £2.3 billion, up 12% from a year earlier, and announced a £500 million share buyback. Investment bank income was £3.1 billion, below the £3.3 billion forecast.
1. Profit and buyback
Barclays reported third-quarter pretax profit of £2.3 billion, compared with £2.1 billion a year earlier and an average analyst forecast of £2.4 billion. The lender also launched a £500 million share buyback.
2. Investment bank results
Investment bank income was £3.1 billion, below forecasts of £3.3 billion. Equities revenue rose 47%, while fixed income trading income fell 19%.
3. Costs and budget
Barclays took £201 million in structural cost actions during the quarter. Its results came ahead of a UK budget scheduled for October 28, where further taxes on banks may be levied.
