Banking giant Barclays notches up its best-ever nine-month performance

Banking giant Barclays has said it notched up its best-ever nine-month performance after posting better-than-expected third-quarter profits of £2 billion.

Thursday, 21st October 2021, 7:45 am
Updated Thursday, 21st October 2021, 7:46 am

The lender said the third-quarter haul, which was up from £1.1 billion a year ago but down from £2.6 billion in the previous three months, brought year-to-date profits to a record £6.9 billion.

Most analysts had been expecting third-quarter profits of £1.6 billion in the three months to September 30.

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Banking giant Barclays has said it notched up its best-ever nine-month performance after posting better-than-expected third-quarter profits of £2 billion.

It comes after the group released £622 million of cash set aside in the first nine months of the year last year to cover expected defaults amid the pandemic.

The bank booked net charges of £120 million in the third quarter after a £797 million release in the previous three months.

Barclays said it is looking at driving further efficiencies in its franchises and “planned structural cost actions” over the fourth quarter, including in Barclays UK.

Barclays chief executive Jes Staley said: “On top of a good first half, a strong third-quarter performance means Barclays has delivered its highest third quarter year-to-date pre-tax profit on record in 2021.”

He said the investment banking business “continues to be an area of strength for the group”, with profits in the division surging 49% to £4.8 billion in the first nine months of the year.

He added: “We are also seeing evidence of a consumer recovery and the early signs of a more favourable rate environment.

“Against that backdrop, we are focused on balancing cost efficiencies with further investment into high-returning growth opportunities.”