Barclays profit surges as investment banking offsets £1.1bn of bad debts
The high street lender reported a 23% rise in pre-tax profits to £5.2 billion for the six months to June 30.
Banking giant Barclays has revealed half-year profits jumped by nearly a quarter as an investment banking boost helped offset more than £1 billion set aside for bad debts.
The high street lender reported a 23% rise in pre-tax profits to £5.2 billion for the six months to June 30.
It booked credit impairment charges of £1.1 billion, up from £897 million a year earlier, after putting by another £469 million in the second quarter.
The bank said the rise was largely due to its takeover of Tesco Bank and a more uncertain economic outlook, especially in the US.
Its results were better than expected for the second quarter, with profits up 28% to £2.5 billion thanks to forecast beating revenues in its investment banking arm amid market volatility.
Group chief executive CS Venkatakrishnan, who is also known as Venkat, said: “We remain on track to achieve the objectives of our three-year plan, delivering structurally higher and more stable returns for our investors.”
Barclays unveiled more returns for investors, with plans for another £1 billion in share buybacks, and said it has cut around £350 million of costs out of the £500 million in savings planned for 2025.