Barclays has posted better-than-expected quarterly profits on the back of lower provisions for bad loans and a strong performance by its investment bank.
It reported pre-tax profits this morning of £1.1 billion for the third quarter of 2020, which compares to £0.2 billion last year — a period during which the bank took a hit from the payment protection insurance (PPI) scandal — and City expectations of £507 million.
The bank booked provisions of £608 million on bad loans, 63 per cent down on the previous quarter and also well below expectations that it would take a hit of about £1 billion.
Leave a Comment