Barclays’ profit more than doubled in the third quarter driven by another strong performance from its investment bank, while the impact of coronavirus on its consumer divisions continued to recede.
Net income jumped to £1.45bn from £611m in the same period last year, Barclays said on Thursday, beating analysts’ expectations of £1.1bn. Revenue rose 5 per cent to £5.47bn, compared with the £5.2bn estimate.
Part of the surge in net profit was due to a drop in new loan-loss provisions. They fell to £120m compared with £608m in the third quarter last year, when the bank was forced to set aside more to cover potential bad loans caused by coronavirus lockdowns.
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