barclays banks soaring quarterly profit
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Barclays banks soaring quarterly profit

Arab Today, arab today

Arab Today, arab today Barclays banks soaring quarterly profit

London - AFP

British bank Barclays on Thursday logged soaring third-quarter net profits, buoyed by the absence of restructuring and mis-selling charges -- and by improving UK profitability despite looming Brexit.

However, Barclays' shares tanked more than six percent on news of struggling trade at the group's investment banking division.

Earnings after taxation jumped to £583 million ($770 million, 653 million euros) in the three months to the end of September, compared with £414 million a year earlier, Barclays said in a statement. Pre-tax earnings leapt by almost a third to £1.1 billion.

British unit Barclays UK logged a net profit of £423 million, despite uncertainty surrounding the UK's exit from the European Union. That contrasted sharply with a net loss of £163 million a year earlier.

"The third quarter of 2017 was particularly significant for Barclays as it was the first for many years in which we have not been in some state of restructuring," said chief executive, Jes Staley.

He added: "We did however see an improvement in profitability in Barclays UK, and a good underlying return from our consumer, cards and payments business, which partially offset the under-performance in markets."

Barclays has now offloaded all non-core activities as part of its global strategic re-think, as it focuses on main markets Britain and the United States.

On a gloomier note, the group warned Thursday that investment banking division Barclays International had endured a "difficult" time and a 42-percent slump in net profit.

"The third quarter was clearly a difficult one for our markets business within Barclays International," Staley said.

"A lack of volume and volatility in fixed income, currencies and commodities hit markets revenues hard across the industry, and we were no exception to this trend."

- Shares slide -

The disappointing news sent Barclays' share price tumbling 5.9 percent to 185.35 pence at about 1200 GMT on London's rising FTSE 100 index.

"Weak trading performance in its investment bank has held the group back, with low volumes in FICC (fixed income, currencies and commodities) continuing to blight the division," noted XTB analyst, David Cheetham.

The lender also unveiled proposals to ring-fence retail banking operations in order to help it withstand another global financial crisis.

The move will help it meet regulatory rules that demand all British banks with more than £25 billion of UK deposits section off retail operations from riskier investment banking activities by 2019.

"Barclays intends to satisfy this requirement by setting up a ring-fenced bank, Barclays Bank UK plc, which will be separate from Barclays Bank plc," the group added in a separate statement.

"The two entities will operate alongside, but independently from, one another as part of the Barclays Group under Barclays PLC."

The quarterly results were also lifted by the absence of further charges against the mis-selling of payment protection insurance (PPI) in a long-running scandal which has blighted the sector.

Barclays had already set aside £700 million in the first six months of this year, taking its total PPI compensation provision to £9.1 billion.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

barclays banks soaring quarterly profit barclays banks soaring quarterly profit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

barclays banks soaring quarterly profit barclays banks soaring quarterly profit

 



GMT 21:16 2016 Monday ,27 June

Zaki Badr discusses cleaning problem in Giza

GMT 21:46 2017 Saturday ,14 January

Turkey arrests 60 businessmen for alleged Gulen ties

GMT 22:38 2017 Friday ,24 March

Abbas meets with Merkel in Berlin

GMT 09:02 2017 Monday ,27 March

Tunisian Premier Concludes Visit to Sudan

GMT 15:54 2017 Friday ,01 September

Attorney General Directs Prosecutors to inspect Prison

GMT 09:22 2017 Sunday ,31 December

HM King condoles with Afghanistan President

GMT 10:12 2016 Wednesday ,06 April

Strong dollar, mild weather shrink H&M profits

GMT 17:03 2016 Saturday ,24 December

7 police killed in attacks in Afghansitan

GMT 13:51 2017 Friday ,17 March

Israel denies Syria shot down a warplane

GMT 04:08 2017 Thursday ,05 January

Carbon tax can fund clean energy transition

GMT 19:27 2016 Wednesday ,14 September

Alstom to go ahead with plans to shut down Belfort plant

GMT 01:44 2017 Friday ,15 December

Mennat-Allah underlines importance of landscapes

GMT 04:57 2017 Thursday ,14 December

Trump tells NASA to send Americans to Moon

GMT 21:43 2017 Wednesday ,11 October

Qabil discusses with Swiss delegation improving power

GMT 21:06 2017 Sunday ,17 September

OIC condemns suicide attack in Kabul

GMT 08:27 2017 Thursday ,27 April

Nokia reports another loss as networks sag

GMT 19:41 2017 Monday ,06 February

Elina Svitolina Claims Taiwan Open Title

GMT 09:39 2017 Friday ,03 February

Former Brazilian president Lula's wife dies of stroke
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday