Barclays profit gets boost from deal-making, following Wall Street’s lead

Barclays headquarters in London, England.

Justin Solomon | CNBC

Barclays reported better-than-expected third-quarter earnings on Thursday, following its Wall Avenue rivals in receiving a major increase from its funding banking division.

The British financial institution reported attributable revenue of £1.45 billion for the third quarter. Analysts had anticipated a internet revenue of £931.25 million, in accordance with Refinitiv knowledge, and the determine marks a major improve from the £611 million reported in the identical interval final 12 months.

“Whereas the CIB [Corporate and Investment Bank] efficiency continues to be an space of energy for the Group, we’re additionally seeing proof of a shopper restoration and the early indicators of a extra beneficial charge atmosphere,” CEO Jes Staley mentioned in a press release.

Different highlights:

  • Frequent fairness tier one capital (CET1) ratio was 15.4%, in comparison with 14.6% on the finish of the third quarter of 2020 and 15.1% within the earlier quarter.
  • Group revenue hit £5.5 billion, up from £5.2 billion for a similar interval final 12 months.

Barclays’ Wall Avenue rivals Goldman Sachs, Wells Fargo, Citigroup, Financial institution of America, Morgan Stanley and JPMorgan have all topped earnings expectations this quarter on the again of funding banking strengthover the previous week.

This can be a breaking information story and will likely be up to date shortly.

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