Barclays Q3 profits surge as the bank’s retail division picks up the pace.
Pre-tax profits rose 32% to £1.46bn ($1.88bn), the bank said. This is up significantly from the £1.1bn profit reported in the same period last year.
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Almost no charges for misconduct and litigation during the three months to September 30 boosted Barclays’ pre-tax profits by 32%.
While overall profits at Barclays rose significantly, total revenues dropped slightly, falling from £5.17bn in Q3 last year, to £5.13bn this year.
Barclays Q3 profits highlights
Net profit came in at £1bn, beating analyst forecasts. Analysts at data firm Refinitiv had been expecting Barclays Q3 results to show a net income at around £723m.
Barclays CEO Jes Staley said: “I am pleased to report another quarter which demonstrates that we are firmly on track to produce improved returns for shareholders as our strategy continues to deliver
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By GlobalData“In spite of macroeconomic uncertainty, and particularly concerns over Brexit, which weigh heavily on market sentiment, 2018 is proving to be a year of delivery on our strategy at Barclays. We remain focused on generating improved returns, and on distributing a greater proportion of excess capital to shareholders over time.
“There have been comments that European investment banks cannot compete with US investment banks. For four quarters in a row we have gained market share.”
The results are likely to ease pressure on Barclays. Recently the group has faced calls to reduce operations in its investment bank and focus more on retail banking.
Analysts have stated that much of the positive performance was down to Barclay’s investment banking arms.
Staley commented: “During the third quarter our corporate and investment bank outperformed peers again in markets, with a 19% increase in income.”
Brexit
The UK is set to leave the European Union on 29 March 2019. Barclays also noted that the Irish central bank had given it permission to expand its Irish operations.
