Barclays posts record profits for Q3

Barclays has posted record pre-tax profits for the third quarter.

Profits hit £6.9bn, which is up from profits of £2.4bn that were made in the same period a year previously.

“We continue to support our customers and clients through the COVID-19 pandemic, have achieved a double-digit RoTE in every quarter year to date, and expect to deliver a full-year RoTE above 10 per cent,” said James E Staley, the group’s chief executive officer.

“While the CIB performance continues to be an area of strength for the group, we are also seeing evidence of a consumer recovery and the early signs of a more favourable rate environment. Against that backdrop, we are focused on balancing cost efficiencies with further investment into high-returning growth opportunities.”

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The latest figures from the bank have beat expectations from the City. Barclays shares have doubled in the last year and opened today at 196p.

“Today’s Q3 report from Barclays continued to show strong corporate and investment performance, which had their best Q3 YTD on a comparable basis, along with a good rate of consumer recovery,” Walid Koudmani, market analyst at financial brokerage XTB comments

“Overall it was a positive report which also pointed to higher expectations of return while highlighting the need to evaluate costs and adjust dividends as well as potentially implementing share buybacks as appropriate.”

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