Barclays 3Q profit rises following restructuring

October 26, 2017

LONDON (AP) — Barclays says third-quarter earnings rose 32 percent as the London-based bank reported its first results since completing a post-financial crisis restructuring.

Pre-tax profit increased to 1.11 billion pounds ($1.47 billion) from 837 million pounds. The bank, which shed riskier assets and sold its African business to focus on Britain and North America, said Thursday that net income rose 41 percent to 583 million pounds.

Chief Executive Jes Staley says the quarter “was particularly significant for Barclays as it was the first for many years in which we have not been in some state of restructuring.”

Pre-tax profit at Barclays’ international unit fell 40 percent to 652 million pounds as a “lack of volume and volatility” reduced earnings from trading bonds, currencies and commodities.

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