Home Business NewsBusinessBanking News Barclays posts ‘strong’ results in most profitable quarter in years

Barclays posts ‘strong’ results in most profitable quarter in years

by Purvai Dua
2nd Aug 18 7:49 am

Announcing its exceptional results, Barclays said it has almost trebled pre-tax profits for the second quarter.

The British lender reported a pretax profit of £1.9bn ($2.49bn) for the three months from April-June– up from £659m a year ago. This was after the bank paid out about £2bn, including a £1.4bn settlement with the US Justice Department.

Chief Executive Jes Staley lauded the “strong” results saying: “It is the first quarter for some time with no significant litigation or conduct charges, restructuring costs, or other exceptional expenses which hit profitability,” Staley said in a statement.

“In effect then, it is the first clear sight of the statutory performance of the business which we have re-engineered over the past two and a half years – Barclays transatlantic consumer and wholesale bank – and it is a positive sight.”

The bank also said it would pay an interim dividend of 2.5 pence per share, and said it is on track to pay 6.5 pence per share for the full year.

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