Barclays net profit of 11 611 million (79 7,797.7 million) on Friday For the third quarter, This is because the British donor is trying to conspire to recover from the coronavirus epidemic.
The લ્ડ 273.5 million profit to shareholders exceeded analysts’ expectations was due to a sharp decline in the cost of the main account, coronavirus-related damage.
In the first half of 2020, after adding loan deficit provisions of 1. 1.6 billion in the second quarter, the British lender posted a net income of 69 695 million.
At the time, the cash included for bad loans was only 60 8,608 million, well below the expected 1 1 billion.
Shares of Barclays rose 6.6% at the start of Friday’s trading session.
Barclays CEO Jess Staley told CNBC’s “Squawk Europe x Europe”: “We’ve taken a very strong weakness charge in the first half of this year and our reserves for losses, so our reserves for credit losses are now north of 9 billion. “” Friday.
“We have the highest level of reserves ever, so we feel we are very well positioned in our balance sheet to deal with whatever economies we face this year and later this year.”
Other highlights:
- The general equity tier one capital (CET1) ratio was 14.6%, up from 14.2% at the end of the first half.
- The group’s revenue was 5.2 billion, down from 5 5.54 billion in the third quarter of 2019.
- The return on tangible equity (RTTE) was 5.1%, up from 0.7% in the previous quarter and -2.4% in the third quarter of 2019.
- Net interest margin (NIM) was 2.51%, up slightly from 2.48% in the previous quarter.
To help mitigate the effects of the epidemic, the bank has released a £ 100 million community aid package distributed to charities in the UK.
“This support is made possible in part because we have a resilient and diversified business model, which means we will remain profitable after the crisis weathers, strengthening revenue in CIBs (corporate and investment banks) rather than offsetting headwinds in our customers’ businesses.” There will be operations. ” Stale said in a statement on Friday.
Barclays Bank building
Chris Ratcliffe | Bloomberg | Getty Images
The CIB reported a pre-tax profit of 7 627 million, up from 69 4,694 million in the previous quarter. FICC (fixed income, currency and commodities) trading revenue fell from 47 1.47 billion to અ 1 billion as the low volumes seen earlier in the year continue to normalize, while equity trading revenue increased from 67 74,674 million to 69 1,691 million. Quarter-on-quarter.
The investment bank has financed more than કરી 1 trillion in debt to governments and corporations around the world over the past six months, Stale told CNBC.
The bank has incurred a net loss of ૨ 2.7 million over the same period in 2001 for insurance claims of .4 1.4 billion.
While major investors have generally been surprised so far this earnings season, UBS will easily surpass expectations earlier this week to post a net income of 2. 2.1 billion.
Barclays shares have fallen more than 42% since the beginning of the year.
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