Barclays increases quarterly pre-tax profit by 12% — The Guardian

British bank Barclays reported a pre-tax profit of £2.3 billion for July–September, 12% higher than in the same period last year. Last year, the figure stood at £2.1 billion. The Guardian reports.

£500 million share buyback

Barclays CEO C. S. Venkatakrishnan said that the bank would carry out an additional £500 million buyback of its own shares. Following this, the total amount returned to shareholders since the start of the year through dividends and share buybacks will reach £2.8 billion.

The results were released ahead of the UK budget, which is due to be presented on 28 October. According to the publication, Chancellor John Healey is expected to announce higher taxes for banks, as the government of Prime Minister Andy Burnham seeks additional revenue for support programmes amid rising living costs.

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Retail banking income

Net interest income at Barclays’ UK retail division rose by 6% to £2 billion. This figure reflects the difference between lending income and payments to depositors on their deposits.

The Trades Union Congress, which advocates higher taxes for banks, said lenders should pay more tax. According to the organisation’s general secretary, Paul Nowak, Britain’s four largest banks have jointly made £200 billion in profit since 2021.