Barclays half-year profits tumble 29pc

  • Barclays half-year profits tumble 29pc
    Independent.t. E.
    Barclays saw half-year profit down a third after the United States settlements and MO-selling, but encouraged its turnover in recent months, after evading further charges.
    https://www.independent.ie/business/world/barclays-halfyear-profits-tumble-29pc-37177796.html
    https://www.independent.ie/business/technology/article37177810.ece/6b6f9/AUTOCROP/h342/2017-02-09_bus_28489910_I2.JPG

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Barclays saw half-year profit down a third after the United States settlements and MO-selling, but encouraged its turnover in recent months, after evading further charges.

The high street lender reported a 29pc drop in profit before tax to £1.7 billion (€1.9 billion) for the six months ended June 30, while total income for this period was flat at £10.9 billion.

Profit was hit by £400 m the consumer price Index and cost £1.4 billion settlement with the US authorities over the sale of mortgage securities ahead of the financial crisis, which was registered in the first quarter.

When stripped of litigation and costs of behavior, half pre-tax profit rose 20pc to £3.7 bn.

  • Read more: Lloyds booked a £105m loss on Irish mortgages

The Bank encouraged him in the second quarter, during which he recorded no major court costs or additional terms of PPI.

Chief Executive Jes Staley said, “It was in the first quarter, for some time without any significant legal proceedings or holding fees, restructuring costs or other extraordinary expenses which hit our profitability.

“In fact, this is the first clear view of the statutory performance indicators, which we have upgraded over the last two and a half years, Barclays’ transatlantic consumer and wholesale Bank – and that’s a positive Outlook.”

Statutory pre-tax profit for the second quarter amounted to 1.9 billion pounds to £659m in the same period last year.

Total group revenue for the second quarter rose 10pc to $ 5.6 billion, while expenses declined by 3pc.

Mr. Staley said that the first half as a whole showed that the Bank begins to “show his true potential and value.”

“The numbers that we have posted to strengthen our confidence that Barclays can deliver attractive and sustainable profits, and our ability to return most of those profits to shareholders over time.”

Corporate and investment Bank (CIB) – which came under the microscope after investor activist Edward uh took a 5pc stake in the lender, has reported a 17pc rise in profit before tax for the half year to 2 billion pounds.

Total revenue from the division grew by just 1pc to £5.4 billion.

Barclays said it was “too early to comment on expected implementation of the” group for the second half of the year.

He predicts that the income from Barclays UK retail operation – “remains stable, despite the lower yield,” although the income on the international division of the International will depend on investment banking activities in the market, noting the volatility was low in July.

Barclays shares rose 1.7 PC at the start of trading.

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