Barclays profit up 23% as Trump tariff turmoil lifts trading
Pretax profit for the January-June period totalled £5.2 billion (S$8.92 billion), above analysts' average forecast of £4.96 billion.
The bank also announced a share buyback of £1 billion and a half year dividend of 3 pence per share, equating to £1.4 billion of total capital distributions to shareholders, up 21 per cent from the year before.
The earnings update from the Britain and US-focused lender showed continued progress in its strategy to cut costs and prioritise spending on its domestic, retail and corporate focused unit above its investment bank.
'We remain on track to achieve the objectives of our three-year plan, delivering structurally higher and more stable returns for our investors,' CEO C S Venkatakrishnan said in the statement.
The lender's investment bank nonetheless followed Wall Street peers in reporting a robust second quarter, as market turmoil led to increased trading activity in fixed income products and stocks in particular.
Second-quarter income in the investment bank was £3.3 billion, better than the £3 billion forecast by analysts, thanks to strong gains in those trading businesses that offset a decline in fees from advising on deals. REUTERS
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