Barclays anks soaring quarterly profit

AFP, LONDON: British bank Barclays yesterday 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 per cent 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.

Barclays anks soaring quarterly profit

AFP, LONDON: British bank Barclays yesterday 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 per cent on news of struggling trade at the groups 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 UKs 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.