Signage shines through a window reflecting Barclays head office in Canary Wharf, London, U.K. Bloomberg | Getty Images LONDON — British bank Barclays on Thursday reported £1.
6 billion ($2 billion) net profit attributable to shareholders for the third quarter, beating expectations. The result compared with the £1.17 billion net profit forecast in an LSEG poll of analysts, and was 23% higher than the same period in 2023.
Revenue for the period came in at £6.5 billion, slightly ahead of a forecast of £6.39 billion.
Earlier this year the bank announced a strategic overhaul in an effort to cut costs, boost shareholder returns and stabilize its long-term financial performance, placing more focus on domestic lending while maintaining its more volatile investment banking unit. That strategy has included the acquisition of U.K.
retail banking business Tesco Bank . In the second quarter , Barclays net profit fell slightly year-on-year amid lower income at its U.K.
consumer bank and corporate bank. Net profit meanwhile rose 10% to £3.02 billion at its investment bank.
Barclays shares have soared 55% in the year to date after dipping in 2023. Loading chart..
. Several banks have announced plans to restructure, streamline operations and cut costs as they face a potential weakening of net interest margins as interest rates fall. HSBC earlier this week said it would consolidate its operations into four business units.
Deutsche Bank kicked off the third-quarter reporting season on Wedn.
