Barclays earnings Q3 2002

A sign hangs above the entrance to a branch of Barclays Plc bank in London, England

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LONDON — barclays On Wednesday, it reported an unexpected increase in third-quarter earnings after strong trade revenues, despite continued drag from the costly US trade error.

The British lender has net profit attributable to shareholders of £1.512bn ($1.73bn), above analysts’ consensus expectations of £1.152bn, an increase of £1.374bn restated for the same period last year.

“We delivered another quarter of stronger returns and revenue growth in each of our three businesses, reaching £6.4 billion, a 17% increase in Group revenue,” Barclays CEO CS Venkatakrishnan said in a statement. Said.

“Our performance in FICC (fixed income, currencies and commodities trading) was particularly strong and we continued to gain momentum in our consumer business in the UK and US.”

The group continued to suffer from excessive securities issuance in the US, which has resulted in £996m in lawsuits and enforcement charges so far this year.

The biggest upside contribution to the bank’s performance came from FICC (fixed income, currencies and commodities) trading, where revenue rose 93% year-on-year to £1.546 billion in the third quarter.

  • The common equity first-tier capital (CET1) ratio was 13.8%, compared to 15.4% at the end of the third quarter 2021 and 13.6% in the previous quarter.
  • Group revenue, including the impact from the over-issuance of securities, increased from £5.5 billion to £6 billion compared to the same period last year.
  • Return on tangible equity (RoTE) was 12.5% ​​compared to 11.4% in the third quarter of 2021.
  • Loan impairment charges rose from £120m to £381m last year, citing the bank’s “worsening macroeconomic outlook”.

Barclays shares will start Wednesday’s trading session down nearly 20% year-on-year.

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