Barclays banks soaring quarterly net profit

London: British bank giant Barclays on Thursday logged soaring third-quarter net profits, buoyed by the absence of restructuring and mis-selling charges — and by improving UK profitability despite looming Brexit.
The performance was also boosted after Barclays shed non-core activities in order to refocus on main markets Britain and the United States.
Earnings after taxation jumped to £583 million ($770 million, 653 million euros) in the three months to the end of September, compared with £414 million a year earlier, Barclays said in a statement. Pre-tax earnings leapt by almost a third to £1.1 billion.
British division Barclays UK logged a net profit of £423 million, despite uncertainty surrounding the UK’s exit from the European Union. That contrasted sharply with a net loss of £163 million a year earlier.
“The third quarter of 2017 was particularly significant for Barclays as it was the first for many years in which we have not been in some state of restructuring,” said chief executive, Jes Staley. He added: “We did however see an improvement in profitability in Barclays UK, and a good underlying return from our consumer, cards and payments business.”
Barclays has now off-loaded all non-core activities as part of its global strategic re-think.
“We now have high confidence in our capacity to assert when Barclays will start to deliver the economic performance which we know this group is capable of, and therefore today we are announcing new targets for 2019 and 2020 for Barclays,” added Staley.
The group also unveiled proposals to ring-fence retail banking operations in order to help it withstand another global financial crisis. — AFP