{"id":117840,"date":"2024-10-24T13:55:46","date_gmt":"2024-10-24T06:55:46","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=117840"},"modified":"2024-10-24T13:55:46","modified_gmt":"2024-10-24T06:55:46","slug":"barclays-barc-q3-2024-earnings","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=117840","title":{"rendered":"Barclays (BARC) Q3 2024 earnings"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107405651\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Signage shines through a window reflecting Barclays head office in Canary Wharf, London, U.K.<\/p>\n<p>Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>LONDON \u2014 British bank\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/BARC-GB\/\">Barclays<\/a>\u00a0on Thursday reported\u00a0\u00a31.6 billion ($2 billion) net profit attributable to shareholders for the third quarter, beating expectations.<\/p>\n<p>The result compared with the \u00a31.17 billion net profit forecast in an LSEG poll of analysts and was 23% higher than the same period in 2023.<\/p>\n<p>Revenue for the period came in at \u00a36.5 billion, slightly ahead of a forecast of \u00a36.39 billion.<\/p>\n<p>The lender&#8217;s return on tangible equity rose to 12.3% from 9.9% in the second quarter, as its CET1 ratio \u2014 a measure of solvency \u2014 rose to 13.8% from 13.6%.<\/p>\n<p>Earlier this year, Barclays announced a <a href=\"https:\/\/www.cnbc.com\/2024\/02\/20\/barclays-posts-fourth-quarter-net-loss-announces-1-billion-share-buyback.html\">strategic overhaul<\/a> in an effort to cut costs, boost shareholder returns and stabilize its long-term financial performance, placing more focus on domestic lending while reducing costs at its more volatile investment banking unit. That strategy has included the <a href=\"https:\/\/home.barclays\/news\/2024\/02\/barclays-to-acquire-tesco-retail-banking-business\/\" target=\"_blank\" rel=\"noopener\">acquisition of U.K. retail banking business Tesco Bank<\/a>.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2024\/08\/01\/barclays-earnings-result-q2-2024.html\">In the second quarter<\/a>, Barclays net profit fell slightly year-on-year amid lower income at its U.K. consumer bank and corporate bank, as net profit jumped 10%\u00a0at its investment bank.<\/p>\n<p>Those gaps closed in the third quarter, with domestic bank income up 4%, with the lender raising its annual forecast for U.K. retail net interest income to \u00a36.5 billion from \u00a36.3 billion. Corporate bank income was 1% higher due to a rise in average deposit balances, while investment banking income gained 6%.<\/p>\n<p>Amid declines, income at Barclays&#8217; private U.S. consumer bank dipped 2% year-on-year as its wealth management unit fell 3%.<\/p>\n<p>Barclays CEO C. S. Venkatakrishnan told CNBC on Thursday the results showed the bank was on track to meet the targets it had set out in February.<\/p>\n<p>&#8220;We are guiding upwards in our net interest income, and we&#8217;ve had two continuous quarters of NII expansion in our business in the U.K. So we&#8217;re guiding up, both for the U.K. business and for the bank as a whole, and then we see costs very much under control.&#8221;<\/p>\n<p>The bank now sees group NII of above \u00a311 billion for full-year 2024, from a previous outlook of \u00a311 billion. <\/p>\n<p>Barclays shares have soared 55% in the year to date after dipping in 2023.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Several banks have announced plans to restructure, streamline operations and cut costs as they face a potential weakening of net interest margins as interest rates fall. <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-5\"><a href=\"https:\/\/www.cnbc.com\/quotes\/HSBA-GB\/\">HSBC<\/a><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\"\/><\/button><\/span><\/span><\/span> earlier this week <a href=\"https:\/\/www.cnbc.com\/2024\/10\/22\/hsbc-names-pam-kaur-as-first-female-cfo-amid-major-restructuring.html\">said it would<\/a> consolidate its operations into four business units.<\/p>\n<p>&#8220;What I would say on interest rates is, Barclays has had a very disciplined approach to interest rate management, and so we&#8217;ve got this thing called the structural hedge, which is a way of smoothing out the effects of interest rates on our income, and that&#8217;s part of what is causing our NII expansion over the last couple of quarters. So we are pretty well protected against changes in interest rates in the near term,&#8221; Venkatakrishnan said.<\/p>\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-7\"><a href=\"https:\/\/www.cnbc.com\/quotes\/DBK-FF\/\">Deutsche Bank<\/a><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\"\/><\/button><\/span><\/span><\/span> kicked off the third-quarter reporting season on Wednesday, posting <a href=\"https:\/\/www.cnbc.com\/2024\/10\/23\/deutsche-bank-dbk-q3-earnings.html\">higher-than-expected net profit<\/a> as revenue at both its investment bank and asset management divisions jumped 11% year-on-year.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2024\/10\/24\/barclays-barc-q3-2024-earnings.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Signage shines through a window reflecting Barclays head office in Canary Wharf, London, U.K. Bloomberg | Getty Images LONDON \u2014 British bank\u00a0Barclays\u00a0on Thursday reported\u00a0\u00a31.6 billion ($2 billion) net profit attributable &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=117840\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-117840","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/117840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=117840"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/117840\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=117840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=117840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=117840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}