Barclays Profit Dented by Costs
October 27 2016 - 3:00AM
Dow Jones News
By Max Colchester
LONDON-- Barclays PLC said Thursday that third-quarter net
profit inched down, as it put aside funds to cover bad debts and an
ongoing restructuring plan.
The British bank said revenue in the third quarter was GBP5.5
billion ($6.72 billion), broadly flat compared with the year
earlier. Net profit came to GBP414 million in the quarter, down
from GBP417 million the year before.
Barclays said it remained on track to shut down its non-core
unit in 2017. "The growing momentum in attaining our strategic
goals means we can feel optimistic of our prospects of completing
the restructuring of Barclays," Chief Executive Jes Staley
said.
The bank took a one-off GBP320 million charge after changing the
way it models its credit card impairments. It also put aside GBP600
million to compensate customers who were sold insurance products
they didn't need. It also took a GBP150 million charge to shut down
some international office space.
Over the last few months the bank has pushed ahead with
shrinking its global footprint, exiting businesses ranging from
Egypt to Italy. The cost of shuttering businesses also weighed on
the bank's bottom line.
Write to Max Colchester at max.colchester@wsj.com
(END) Dow Jones Newswires
October 27, 2016 02:45 ET (06:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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