Jump in fixed income trading pushes up profits at Barclays
Higher interest rates and a strong performance in fixed income trading pushed up profits at Barclays in the third quarter, despite a higher provision for potential bad debts.
The London-based bank reported a pre-tax profit of £1.97bn for the three months to the end of September, up 6 per cent from a year ago and beating analyst expectations of £1.81bn.
The profit increase was fuelled by a 9 per cent increase in group income to £6bn. This was boosted by rising interest rates and “strong client activity” in the bank’s markets business, which offset reduced fees from investment banking.
This story originally appeared on: Financial Times - Author:Emma Dunkley
