Barclays’ profits fell 16 per cent in the third quarter as revenue growth slowed at the lender’s UK retail division and declined at the investment bank, which continues to suffer from a dearth of M&A deals and lower trading activity.
Chief executive CS Venkatakrishnan said the results came “against a mixed market backdrop” and promised an investor update with new financial targets alongside its full-year earnings in February. Barclays warned that its net interest margin — the difference between the interest received on loans and the rate paid for deposits — is now expected to be in the range of 3.05 per cent to 3.10 per cent in 2023, down from previous guidance of 3.2 per cent to 3.15 per cent.
It was a mixed quarter at the investment bank, where income fell 6 per cent to £3.1 billion when the impact of a bond overissuance error last year was stripped out. Fixed-income trading income fell sharply by 26 per cent, but equity trading revenue more than doubled. Advisory and capital markets fees also dropped 30 per cent because of fewer takeover deals and lower debt issuance.
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Source: IrishTimes - 🏆 3. / 98 Read more »
Source: IrishTimes - 🏆 3. / 98 Read more »