A sign hangs above an entrance to a branch of Barclays Plc bank in the City of London, U.K.
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LONDON — Barclays on Wednesday reported an unexpected rise in third-quarter earnings on the back of strong trading revenues, despite a continued drag from a costly U.S. trading error.
The British lender posted a net profit attributable to shareholders of £1.512 billion ($1.73 billion), above consensus analyst expectations of £1.152 billion and marking an increase from a restated £1.374 billion for the same period last year.
“We delivered another quarter of strong returns, and achieved income growth in each of our three businesses, with a 17% increase in Group income to £6.4 billion,” Barclays CEO C.S. Venkatakrishnan said in a statement.
“Our performance in FICC (fixed income, currencies and commodities trading) was particularly strong and we continued to build momentum in our consumer businesses in the U.K. and U.S.”
- Common equity tier one capital (CET1) ratio was 13.8%, compared to 15.4% at the end of the third quarter of 2021 and 13.6% in the previous quarter.
- Group income hit £6 billion, up from £5.5 billion for the same period last year.
- Return on tangible equity (RoTE) was 12.5%, compared to 11.4% in the third quarter of 2021.
Barclays shares will begin Wednesday’s trading session down almost 20% on the year.
Source: https://www.cnbc.com/2022/10/26/barclays-earnings-q3-2002.html