Barclays 9-Month Pretax Profit Rises; Books GBP1.4 Billion PPI Charge
October 25 2019 - 3:03AM
Dow Jones News
By Sabela Ojea
Barclays PLC (BARC.LN) on Friday reported a 4.5% rise in pretax
for the first nine months of the year, despite booking extra PPI
costs following a late surge in claims ahead of the August
deadline.
The British bank booked a 1.4 billion pound ($1.8 billion)
provision for expected payment protection insurance costs, in line
with previous guidance of GBP1.2 billion to GBP1.6 billion given in
September.
The U.K. lender made a pretax profit for the nine months of
GBP3.26 billion compared with GBP3.12 billion for the comparable
period.
The London-listed bank's net profit rose to GBP1.78 billion from
GBP1.61 billion a year earlier.
Total income for the nine months increased to GBP16.33 billion
compared with GBP16.06 billion in the year-earlier period.
Barclays' corporate-and-investment bank generated total income
of GBP7.92 billion for the nine months compared with GBP7.61
billion for the year-earlier period, and a pretax profit of GBP2.6
billion, up from GBP2.51 billion.
Barclays ended the third quarter with a common equity Tier 1
ratio--a key measure of balance-sheet strength-- of 13.4%, up from
13.2% at the end of 2018.
The bank said it remains on track to achieve its return on
tangible equity targets of greater than 9% in 2019, and 10% in
2020. The bank generated a RoTE of 9.7%, excluding
litigation-and-conduct charges, after reaching 9.3% in the latest
quarter.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 25, 2019 02:48 ET (06:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Barclays (NYSE:BCS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barclays (NYSE:BCS)
Historical Stock Chart
From Sep 2023 to Sep 2024