<\/p>\n
The British lender reports pre-tax profit for the July-September period of \u00a32.2 billion, up from \u00a31.9 billion a year ago.<\/p>\n
Barclays reported a forecast-beating 18 per cent rise in third-quarter profit on Thursday (Oct 24), as slower than expected interest rate cuts and upbeat investment banking prospects helped it raise its income outlook for the year.<\/p>\n
The buoyant earnings performance shows early promise for Barclays in its challenge, along with European rivals, to sustain earnings even as interest rates fall.<\/p>\n
Barclays said it now forecasts three Bank of England rate cuts this year to a final policy rate of 4.5 per cent, having previously forecast five cuts and a final rate of 4 per cent.<\/p>\n
The British bank\u2019s pre-tax profit for the July-September period was \u00a32.2 billion, up from \u00a31.9 billion a year ago and higher than the average of analysts\u2019 forecasts of \u00a32 billion.<\/p>\n
Barclays upgraded its forecast for net interest income for the year, saying it now expects to exceed \u00a311 billion rather than just hit that target.<\/p>\n
Barclays\u2019 domestic corporate and consumer lending business once again performed well, vindicating a drive to invest in the division, with the \u00a3600 million acquisition of Tesco\u2019s banking arm in February.<\/p>\n
The unit\u2019s third-quarter return on tangible equity, a closely watched measure of performance, rose to 23.4 per cent from 21 per cent a year ago.<\/p>\n
Barclays said third-quarter income in its investment bank rose 6 per cent year on year (yoy), a strong performance that exceeded expectations as corporate fundraising and dealmaking increased and equities trading was boosted by the bullish stock market.<\/p>\n
At Barclays, third-quarter fixed income, currencies and commodities and equities revenue both rose 3 per cent yoy to \u00a31.18 billion and \u00a3692 million, respectively.<\/p>\n
Advisory fee income surged 133 per cent to \u00a3186 million while fees generated in the bank\u2019s debt capital markets business rose 48 per cent yoy to \u00a3344 million.<\/p>\n
Equity fundraising income came in at \u00a364 million \u2013 3 per cent higher yoy but almost half the income was reported in the second quarter of 2024.<\/p>\n
\u201cIn investment banking we\u2019re up 67 per cent in dollars, which measures very well against our US peers … and we\u2019re up 7 per cent in dollars in markets,\u201d Cross said.<\/p>\n
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The British lender reports pre-tax profit for the July-September period of \u00a32.2 billion, up from \u00a31.9 billion a year ago. Barclays reported a forecast-beating 18 per cent rise in third-quarter profit on Thursday (Oct 24), as slower than expected interest rate cuts and upbeat investment banking prospects helped it raise its income outlook for the […]<\/p>\n","protected":false},"author":1,"featured_media":2773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/Barclays-45-1140x445.jpeg",1140,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/Barclays-45-463x348.jpeg",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/Barclays-45-300x200.jpeg",300,200,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/Barclays-45.jpeg",2000,1334,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=2772"}],"version-history":[{"count":1,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2772\/revisions"}],"predecessor-version":[{"id":2774,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2772\/revisions\/2774"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/2773"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=2772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=2772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=2772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}