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October 30, 2015updated 04 Apr 2017 12:49pm

Barclays’ Personal and Corporate Banking arm registers 11% rise in Q3 profit

The Personal and Corporate Banking arm of Barclays has posted an attributable profit of £646 for the third quarter of 2015, an increase of 11.7% compared to £578m a year ago.

The Personal and Corporate Banking arm of Barclays has posted an attributable profit of £646 for the third quarter of 2015, an increase of 11.7% compared to £578m a year ago.

For the quarter ended 30 September 2015, the unit’s pre-tax profit rose 8.3% to £855m from £789m a year ago.

While, total income dropped by 2.5% to £2.18bn from £2.23bn in the third quarter of 2014.

The personal banking unit’s total income fell to £1.01bn from £1.06bn a year ago.

Total operating expenses for the quarter decreased to £1.25bn from £1.32bn in the third quarter of 2014. Loans and advances to customers at amortised cost decreased to £220.8bn, up 2.3% as against £215.7bn a year earlier.

Overall, Barclays group’s third quarter adjusted pre-tax profit declined to £1.4bn from £1.59bn a year ago due to UK customer redress provisions of £290m.

The group said that the total additional provisions for ongoing investigations and litigation including foreign exchange in 2015 stood at £1.7bn.

Commenting on the performance, Barclays chairman John McFarlane said: "We are pleased that Jes Staley will join us on 1 December as group chief executive officer, earlier than expected, and we are in the final stage of appointing a senior independent director and deputy chairman to replace sir mike rake on his retirement from the board in the near future.

"As we align Barclays around our three priorities – focus on core (segments and markets), generating shareholder value, and instilling a high performance culture with strong ethical values – we now have a forward agenda that has been discussed and agreed with Staley."

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