Barclays reports 17% profit rise on strong equities trading
BCS•First-half profit beats forecasts
Barclays on Tuesday reported a first-half profit rise of 17%, beating analysts' forecasts, as it followed Wall Street peers in reaping bumper equities trading revenues and deal fees this year.
The British bank reported profit before tax for the January to June period of £6.1 billion, just above analysts' expectations of about £5.94 billion.
Investment bank drives performance
Barclays' investment bank, which has remained one of the group's main earnings engines and a differentiator from domestic-focused UK rivals such as Lloyds and NatWest, delivered total income of £4 billion in the second quarter of the year compared with analysts' forecasts for £3.7 billion.
The British bank reported revenues from equities rose 45% in the quarter compared with the same period last year. That lagged those of Wall Street rivals which were up an average 69% in equities for the period, aided by the huge SpaceX initial public offering that helped supercharge earnings.
