Barclays headquarters in London, England.
Justin Solomon | CNBC
Barclays reported better-than-expected third-quarter profits on Thursday, following its Wall Street rivals in receiving a significant boost from its investment banking division.
The British bank reported attributable profit of £1.45 billion for the third quarter. Analysts had expected a net income of £931.25 million, according to Refinitiv data, and the figure marks a significant increase from the £611 million reported in the same period last year.
“While the CIB [Corporate and Investment Bank] performance continues to be an area of strength for the Group, we are also seeing evidence of a consumer recovery and the early signs of a more favourable rate environment,” CEO Jes Staley said in a statement.
- Common equity tier one capital (CET1) ratio was 15.4%, compared to 14.6% at the end of the third quarter of 2020 and 15.1% in the previous quarter.
- Group income hit £5.5 billion, up from £5.2 billion for the same period last year.
Barclays’ Wall Street competitors Goldman Sachs, Wells Fargo, Citigroup, Bank of America, Morgan Stanley and JPMorgan have all topped earnings expectations this quarter on the back of investment banking strengthover the past week.
This is a breaking news story and will be updated shortly.