Barclays: profit down 10%, but low impairments shine
(CercleFinance.com) - Barclays said its third-quarter profit fell by 10%, with a significant decrease in credit impairment charges offset by higher operating expenses.
The British bank made a July-September pre-tax profit of 3.12 billion pounds, from 3.45 billion pounds in the same period last year.
Barclays said credit impairment charges and other provisions fell to 853 million pounds, from 1.76 billion pounds a year ago.
At the same time, operating expenses jumped to 12.15 billion pounds in the quarter, from 11 billion pounds a year earlier.
Profit at Barclays UK jumped to 1.56 billion pounds from 1.29 billion pounds, while profit at Barclays International increased to 3.56 billion pounds from 3.27 billion pounds.
By 9:30 am this morning, Barclays shares were up 1% at 167.5 pence, outpacing a 1% drop in the European banking sector. Note that the shares have fallen by over 18% this year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The British bank made a July-September pre-tax profit of 3.12 billion pounds, from 3.45 billion pounds in the same period last year.
Barclays said credit impairment charges and other provisions fell to 853 million pounds, from 1.76 billion pounds a year ago.
At the same time, operating expenses jumped to 12.15 billion pounds in the quarter, from 11 billion pounds a year earlier.
Profit at Barclays UK jumped to 1.56 billion pounds from 1.29 billion pounds, while profit at Barclays International increased to 3.56 billion pounds from 3.27 billion pounds.
By 9:30 am this morning, Barclays shares were up 1% at 167.5 pence, outpacing a 1% drop in the European banking sector. Note that the shares have fallen by over 18% this year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.