Barclays 2Q Profit Beats Views; Launches GBP750 Million Buyback
July 27 2023 - 03:07AM
Dow Jones News
By Elena Vardon
Barclays on Thursday reported second-quarter profit ahead of
market views on higher net interest income and a lighter credit
impairment charge, and announced a larger-than-expected share
buyback.
The U.K. bank posted a pretax profit for the three months ended
June 30 of GBP1.96 billion ($2.54 billion) compared with GBP1.50
billion a year earlier and GBP1.91 billion estimated by a
company-compiled consensus.
The FTSE 100-listed lender's net attributable profit rose to
GBP1.33 billion from GBP1.07 billion. Analysts polled had expected
GBP1.24 billion.
Total income fell to GBP6.29 billion from GBP6.71 billion,
missing consensus' estimated GBP6.53 billion. Barclays said net
interest income--the difference between what banks earn on loans
and pay clients for deposits--accounted for GBP3.27 billion of
total income, from GBP2.42 billion last year.
The bank's common equity Tier 1 ratio--a key measure of
balance-sheet strength--was 13.8%, as expected.
The board declared an interim dividend of 2.7 pence a share, in
line with views and up from 2.25 pence a year prior.
Barclays said it intends to launch a GBP750 million share
buyback, while analysts had expected a GBP575 million program.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
July 27, 2023 02:52 ET (06:52 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Barclays (NYSE:BCS)
Historical Stock Chart
From Nov 2023 to Dec 2023
Barclays (NYSE:BCS)
Historical Stock Chart
From Dec 2022 to Dec 2023
