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.

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