Business & Investment profits exceeded estimates

Barclays (NYSE: BCS) reported higher-than-expected third-quarter profits on Thursday following Wall Street rivals receiving significant backing from the investment banking sector.

British banks reported an imputed profit of £ 1.45 billion in the third quarter. Analysts expect it to be £ 931.25 million, according to Refinitiv data, a significant increase from £ 611 million reported during the same period last year.

Barclays CEO Jes Staley told reporters Thursday that 2021 “will be a significant year” for banks.

Barclays’ Corporate and Investment Banking division has the highest performance in the third quarter to date in terms of commissions and equity income, and returns on tangible return on equity, a key ratio used to assess profitability. I pushed it up.

Revenues from investment banking fees increased 37% to £ 2.7 billion. This was “driven by the strong performance of the advisory and equity capital markets, which reflected an increase in the fee pool and market share,” the bank said in a statement. Equity revenue increased 28% to £ 2.47 billion on the back of “strong customer activity in derivatives and increased customer balance in financing”.

Cases of COVID-19 in the UK rose to about 45,000 on a 7-day moving average, but Barclays said it was in a good position to survive further economic headwinds.

“For future economic problems, the balance sheet has well over £ 6 billion in impairment reserves,” said Starley, who said the UK’s response to fiscal and monetary policy was “very strong.” He added that there is.

BCS shares fell 11 cents to $ 11.13 profits exceeded estimates profits exceeded estimates

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