Barclays Reports 18% Profit Rise in Q3
Barclays Reports 18% Profit Rise in Q3
Barclays Reports 18% Profit Rise in Q3
News summary

Barclays reported a robust third-quarter performance, with a pretax profit of £2.2 billion, marking an 18% increase from the previous year, driven largely by a resurgence in investment banking activity and trading revenues. The investment bank's income grew by 6%, bolstered by a 13% rise in advisory fees and increased trading in fixed income and equities. The bank's net profit attributable to shareholders reached £1.6 billion, surpassing analyst expectations and reflecting a strategic focus on domestic lending alongside a cautious approach to its investment banking unit. Barclays improved its guidance for net interest income, now forecasting over £11 billion, attributed to strong loan performance amidst a competitive landscape. The bank's return on tangible equity stood at 12.3%, with a Common Equity Tier 1 ratio of 13.8%, indicating a solid capital position. Overall, Barclays continues to adapt its business strategy, including the acquisition of Tesco Bank, to enhance shareholder returns and stabilize long-term performance.

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