Barclays on Tuesday reported a net profit of £1.27 billion ($1.56 billion) for the third quarter, slightly ahead of expectations.
Barclays CEO C.S. Venkatakrishnan said the bank "continued to manage credit well, remained disciplined on costs and maintained a strong capital position" against a "mixed market backdrop."
Analysts polled by Reuters had produced a consensus forecast of £1.18 billion, down from £1.33 billion in the second quarter and £1.51 billion for the same period in 2022.CET1 ratio, a measure of banks' financial strength, stood at 14%, up from 13.8% in the previous quarter.Group total operating expenses were down 4% year-on-year to £3.9 billion as inflation, business growth and investments were offset by "efficiency savings and lower litigation and conduct charges.
Barclays will set out its capital allocation priorities and revised financial targets in an investor update alongside its full-year earnings, he added. This was mostly offset by a 9% revenue increase in its consumer, cards and payments business to £1.4 billion, reflecting higher balances on U.S. cards and a transfer of the wealth management and investments division from Barclays U.K.
Notably, Barclays cut its net interest margin forecast for the U.K. bank to a range of 3.05% to 3.1%, down from previous guidance of around 3.15%.that it expects to earn less interest in its U.K. division, with net interest margins in its domestic bank under pressure because of increased competition for savers' deposits amid a difficult period for household finances in the U.K.
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