Barclays has reported a pretax profit of £1.1bn for the third quarter (Q3) of 2017, a 32% jump from £837m in the year ago quarter.
The banking group’s profit attributable to ordinary equity holders of the parent was £583m, up by £414m from last year.
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Net operating income fell by 4% to £4.46bn from £4.65bn a year ago, while total operating expenses were down by 22% year-on-year to £3.35bn.
The bank’s UK division, which includes personal banking, card and wealth management businesses, recorded attributable profit of £423m in the Q3 of 2017, compared to a loss of £163m in the previous year period.
The division’s pre-tax profit in Q3 surged to £661m, while total income dipped 4% to £1.85bn. Total operating expenses at the unit plummeted 34% to £991m from £1.52bn last year.
The British banking group’s International division reported attributable profit of £359m, down by 42% compared to £623m in the corresponding quarter of 2016.
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By GlobalDataThe unit includes the bank’s corporate and investment bank, and consumer, cards and payments.
The division’s pre-tax profit slumped by 40% to £652m from £1.08bn a year earlier. Total operating expenses at the unit decreased by 7% year-on-year to £2.18bn.
CEO Jes Staley said: “Having closed the Non-Core unit, and sold our controlling interest in Barclays Africa in June, we now have the end state Transatlantic Consumer and Wholesale Bank – in Barclays UK and Barclays International – which we set out to shape in March of 2016.
“With Returns on Tangible Equity of 9.4% and 10.0% respectively, both Barclays UK and Barclays International have contributed to a Group profit before tax for the first nine months of the year which is up 19% to £3,448m. The Group’s RoTE, excluding the impact of the sale of our stake in Barclays Africa Group, as well as charges taken for Payment Protection Insurance earlier in the year, was 7.1%.”
