Barclays Profit Rises on Investment Banking

PLC said its net profit rose in the third quarter, driven by a continued strong performance at its investment bank.A pre-markets primer packed with news, trends and ideas. Plus, up-to-the-minute market data.The London-based lender on Thursday said it earned £1.45 billion, equivalent to $2 billion, in the three months to the end of September, up from £611 million in the same period last year. Analysts expected the bank to report a £1.06 billion profit for the quarter.

Barclays Chief Executive Jes Staley has reinvigorated the lender’s trans-Atlantic investment banking unit and fended off activist investor Edward Bramson, who wanted Mr. Staley to scale it back and focus on U.K. retail banking. Mr. Bramson’s Sherborne InvestorsProfit at Barclays’s corporate and investment bank rose 85% to £1.16 billion during the third quarter. Profit at the bank’s U.K. unit almost tripled to £317 million.

European bank shares have mostly rebounded in 2021 after plummeting last year as the coronavirus pandemic struck, forcing lenders to set aside billions of dollars in provisions for bad loans. Some of those provisions have been released this year. The biggest U.S. banks, which trade at higher book values than their European rivals, all reportedBarclays shares have risen 35% this year, outpacing the 12% rise in the U.K.’s benchmark FTSE 100 index.

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Sound Business Financial Literacy Skills Will Set Your Company Up For ProfitMelissa Houston is a Certified Professional Accountant (CPA) and a Financial Strategist for CEOs. Melissa is the host of The Business Society podcast and founder of thebusinesssociety.co who helps successful business owners increase their profit margins without increasing sales so they can put more cash in their pocket. Melissa's passion is helping business women overcome the finance issues and earn more profit in their business and personal lives. Melissa has over 20 years of business experience with large and small corporations, government, and not-for-profit industries while specializing in Internal Controls, corporate accounting, budgets, financial reporting, corporate & personal tax, audit, and SR&ED. She is the proud mother to two kind and beautiful teenagers and a proud wife to her husband Jamie.
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