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04.11 - 16:51
Barclays doubles quarterly profit to £2bn
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Barclays almost doubled its third-quarter profit to £2bn as it benefited from strong mortgage lending in the UK and a boom in investment banking.
The British bank’s profit before tax rose from £1.1bn a year ago, taking its year-to-date profit to an all-time high of £6.9bn. Barclays said a consumer recovery had contributed to the stronger performance, as well as higher investment banking fees.
Barclays has released bad debt provisions of £622m so far this year as the economy recovers from the pandemic and it reckons it will need less to cover bad debts. This is in stark contrast with this time last year when Barclays had set aside £4.3bn to cover bad debts, but government support measures propped up businesses.
Jes Staley, the chief executive,
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