Barclays profits more than double

Barclays has reported record year-to-date pre-tax profits, increasing by 64 per cent to £6.9 billion.

The more than doubling of profits was largely driven by the strong performance of the bank's investment banking arm.

Net income at Barclays increased from £611 million over the same period last year to £1.45 billion, while revenue jumped by 5 per cent to £5.47 billion.

The Group said that it is evaluating planned structural cost actions for the final quarter of the year, which could mean more branch closures for the bank.

On Thursday, rival bank Lloyds announced plans to shut 48 branches.

"On top of a good first half, a strong third quarter performance means Barclays has delivered its highest third quarter year-to-date pre-tax profit on record in 2021, demonstrating the benefits of our diversified business model,” said James E Staley, chief executive, Barclays.”We continue to support our customers and clients through the COVID-19 pandemic, have achieved a double-digit RoTE in every quarter year to date, and expect to deliver a full year RoTE above 10 per cent.”

Staley added: “While the CIB performance continues to be an area of strength for the Group, we are also seeing evidence of a consumer recovery and the early signs of a more favourable rate environment. Against that backdrop, we are focused on balancing cost efficiencies with further investment into high-returning growth opportunities. Our CET1 ratio of 15.4 per cent means we are also in a strong position to balance this growth with a key priority of returning excess capital to shareholders."

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