{"id":29038,"date":"2023-10-24T07:13:40","date_gmt":"2023-10-24T07:13:40","guid":{"rendered":"https:\/\/microloannexus.com\/news\/barclays-narrowly-beats-profit-forecasts-on-strong-consumer-credit-card-business\/"},"modified":"2023-10-24T07:13:42","modified_gmt":"2023-10-24T07:13:42","slug":"barclays-narrowly-beats-profit-forecasts-on-strong-consumer-credit-card-business","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=29038","title":{"rendered":"Barclays narrowly beats profit forecasts on strong consumer, credit card business"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>LONDON \u2014 <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Barclays<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> on Tuesday reported a net profit of \u00a31.27 billion ($1.56 billion) for the third quarter, slightly ahead of expectations as strong results in its consumer and credit card businesses compensated for weakening investment bank revenues.<\/p>\n<p>Analysts polled by Reuters had produced a consensus forecast of \u00a31.18 billion, down from \u00a31.33 billion in the second quarter and \u00a31.51 billion for the same period in 2022.<\/p>\n<p><em>Here are other highlights for the quarter:<\/em><\/p>\n<ul>\n<li>CET1 ratio, a measure of banks&#8217; financial strength, stood at 14%, up from 13.8% in the previous quarter.<\/li>\n<li>Return on tangible equity (RoTE) was 11%, with the bank targeting upwards of 10% for 2023.<\/li>\n<li>Group total operating expenses were down 4% year-on-year to \u00a33.9 billion as inflation, business growth and investments were offset by &#8220;efficiency savings and lower litigation and conduct charges.&#8221;<\/li>\n<\/ul>\n<p>Barclays CEO C.S. Venkatakrishnan said the bank &#8220;continued to manage credit well, remained disciplined on costs and maintained a strong capital position&#8221; against a &#8220;mixed market backdrop.&#8221;<\/p>\n<p>&#8220;We see further opportunities to enhance returns for shareholders through cost efficiencies and disciplined capital allocation across the Group.&#8221;<\/p>\n<p>Barclays will set out its capital allocation priorities and revised financial targets in an investor update alongside its full-year earnings, he added.<\/p>\n<p>Barclays&#8217; corporate and investment bank (CIB) saw income decrease by 6% to \u00a33.1 billion, with the bank citing reduced client activity in global markets and investment banking fees.<\/p>\n<p>This was mostly offset by a 9% revenue increase in its consumer, cards and payments (CC&amp;P) business to \u00a31.4 billion, reflecting higher balances on U.S. cards and a transfer of the wealth management and investments (WM&amp;I) division from Barclays U.K.<\/p>\n<p>The bank did not announce any new returns of capital to shareholders after July&#8217;s \u00a3750 million share buyback announcement.<\/p>\n<p>Barclays hinted at substantial cost cutting that will be announced later in the year, mentioning in its earnings report that the group is &#8220;evaluating actions to reduce structural costs to help drive future returns, which may result in material additional charges in Q423.&#8221;<\/p>\n<p>The cost-income ratio in the third quarter was 63%, but the bank has set a medium-term target of below 60%.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/10\/24\/barclays-narrowly-beats-profit-forecasts-on-strong-consumer-credit-cards-business.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON \u2014 Barclays on Tuesday reported a net profit of \u00a31.27 billion ($1.56 billion) for the third quarter, slightly ahead of expectations as strong results in its consumer and credit card businesses compensated for weakening investment bank revenues. Analysts polled by Reuters had produced a consensus forecast of \u00a31.18 billion, down from \u00a31.33 billion in<\/p>\n","protected":false},"author":1,"featured_media":29039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-29038","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Barclays narrowly beats profit forecasts on strong consumer, credit card business | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"LONDON \u2014 Barclays on Tuesday reported a net profit of \u00a31.27 billion ($1.56 billion) for the third quarter, slightly ahead of expectations as strong\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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