A strong performance from its investment bank compensated for declining income in its core UK businesses.

Barclays reported a lower than expected 9 percent fall in first half pretax profit, as a strong performance from its investment bank compensated for declining income in its core UK businesses.

The bank’s profit of £4.2 billion (US$5,38 billion ) for the six months ended June was above the £3.8 billion(US$ 4,87 billion) average of analysts’ forecasts, and down from £4.6 billion(US$ 5,89 billion) in the same period a year ago.

Barclays said it was upgrading several longer term return targets, including return on tangible equity (Rote), targeting a greater than 12 per cent Rote by 2026.

The lender also outlined an income goal of £30 billion(US$ 38,42 billion) by the same year.

Barclays reported income in its investment bank rose 10 per cent for the first quarter, in common with Wall Street rivals that benefited from a bumper second quarter for trading desks, especially in equities.

Barclays reported equities income for the second quarter rose 24 per cent.