Barclays 3Q profit rises following restructuring

Barclays 3Q profit rises following restructuring”

The bank also confirmed it was setting up a separate United Kingdom banking division to keep its day-to-day banking operations apart from the investment banking.

Net operating income came in at £4.46bn in the quarter, down from £4.65bn in the same period a year ago following tough trading at Barclays' markets division. Barclays has already reprimanded Staley for his conduct, but the matter is still being investigated by the Financial Conduct Authority and the Prudential Regulation Authority.

Profit before tax for the third quarter rose 31% to £1.1bn, reflecting lower customer redress costs in the United Kingdom consumer bank.

Net operating income fell about 4% to £4.5bn.

Reported profits so far this year have been dragged down by writedowns on the sale of Barclays Africa in H1, so Barclays is now £628 million in the red in the nine months to 30th September.

Attributable profits rose to £583mln from £414mln due to the lack of provisions to compensate United Kingdom customers for mis-selling protection payment insurance.The bank set aside £700mln for PPI claims in the first half, taking its total provisions to £9.1bn.

It credited a lack of further provisions for historic misconduct issues - such as the payment protection insurance mis-selling scandal - and improved profitability in its United Kingdom consumer, cards and payments business.

Investors, though, did not seem that impressed as Barclays shares fell 5% in early trading on the FTSE 100.

Investment banks have been hit by lower market volatility following a sharp rise in activity in the immediate aftermath of the Brexit vote last and the election of US Donald Trump.

The British bank posted a 34% drop in fixed-income revenue in the third quarter, according to a statement on Thursday.

Barclays said it had incurred the impairment due to recognising foreign exchange currency losses previously held on the unit's balance sheet.

"Peering through the murk, the good news is that PPI costs are falling out of the equation, and there's maybe a hint of a dividend increase coming next year".

"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".

The bank said these factors helped offset weakness in its markets operation.

The group's total PPI bill stands at £9.1 billion.

Like this


26 October 2017
Rizzo Surprises 12-Year-Old Cancer Patient With New Photo, Signed Jersey
She has remained at the Children's Hospital since and has been dealing with some major complications. Abby, who is from Highland, Illinois, had a bone-marrow transplant in September.

26 October 2017
Senate Intelligence Committee Draft 702 Reauthorization Bill
In a statement about the proposed legislation, Representative Ted Poe said, "Americans' Fourth Amendment rights are at stake". While this bill is bipartisan, Section 702 itself is quite contentious.

26 October 2017
Teekay LNG Partners LP (TGP) to Release Earnings on Wednesday
ValuEngine raised Teekay Corporation from a "sell" rating to a "hold" rating in a research report on Thursday, July 20th. The value of the investment in Teekay Corporation increased from $0 to $7,000 a change of inf% for the reporting period.

26 October 2017
House passes sanctions aimed at Hezbollah
Ed Royce of California says Hezbollah has taken hundreds of thousands of lives, including Americans. To read this article in one of Houston's most-spoken languages, click on the button below.

26 October 2017
The real villains are getting away with a scolding
Possible measures include extra taxes on the banks, or additional legislation requiring stricter reporting for all retail banks. The Chairman of the Oireachtas Committee on Finance says the tracker mortgage scandal is a huge one that will run into 2018.

26 October 2017
World Health Organization rescinds Mugabe goodwill role
The decision, if it was one, to designate the president of Zimbabwe as goodwill ambassador is something that he learnt form the news.

26 October 2017
Revenue Estimates for Investors: Cognizant Technology Solutions Corporation (CTSH)
Recent trading patterns in the stock of Cognizant Technology Solutions Corporation (NASDAQ: CTSH ) have investors on high alert. Moreover, Capital Advisers Ltd Com has 0.1% invested in Cognizant Technology Solutions Corp (NASDAQ: CTSH ) for 175,794 shares.

26 October 2017
What Analysts Have to Say About Celldex Therapeutics (CLDX)?
As of the end of the quarter Vident Investment Advisory, LLC had acquired a total of 243,963 shares growing its stake by 103.4%. The biopharmaceutical company reported ($0.23) EPS for the quarter, beating the Zacks' consensus estimate of ($0.28) by $0.05.

26 October 2017
NextEra Energy Partners, LP (NEP) Receives Average Rating of "Buy" from Analysts
Nuveen Asset Management Limited holds 3,752 shares or 0% of its portfolio. 0 funds opened positions while 1 raised stakes. Turning to Wells Fargo & Company (NYSE:WFC), its shares were trading at $54.91 a retreat of $-0.01, on the trading floor.

26 October 2017
The Taiwan Semiconductor Manufacturing Co
Cornerstone Advisors Inc. grew its holdings in shares of Taiwan Semiconductor Manufacturing by 0.3% during the second quarter. CNX's profit will be $2.30 million for 403.00 P/E if the $0.01 EPS becomes a reality. $569,541 worth of Amgen, Inc.