Barclays Q3 profit rises 12%, announces £500 million buyback
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 forecasts, while equities revenue rose 47%.
1. Profit and buyback
Barclays said third-quarter pretax profit rose to £2.3 billion from £2.1 billion a year earlier, in line with the average analyst forecast of £2.4 billion. The bank announced a new £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%, compared with an average 37% gain at the top five U.S. peers, while fixed-income trading income fell 19%, versus a 5% decline among those peers.
