Barclays has reported a 12% increase in third-quarter pre-tax profit, reaching £2.3 billion for the three months to the end of September, supported by cost reductions and stronger stock market trading.
Income Growth Across Divisions
The banking group saw income rise across its UK retail and corporate banks, as well as its wealth management arm and investment bank. The investment bank generated the highest income of all divisions at £3.1 billion, benefiting from a stronger performance in global equity trading this year.
Equities income soared by 47% in the third quarter compared with the same period last year, which helped offset a 19% decline in income from its fixed income trading arm.
Cost Efficiency Programme
Barclays is nearing the end of a three-year strategy focused on boosting performance through major cost-cutting and enhanced technology capabilities. In the third quarter, the company achieved approximately £200 million in cost efficiency savings, with a further £300 million planned for the final three months of the year.
Group chief executive CS Venkatakrishnan, known within the bank as Venkat, said: "With one quarter to go before the end of our original three-year plan, we have either achieved or are on track to achieve all of our 2026 group targets."
Outlook
Venkatakrishnan added: "We are confident in and committed to the 2028 targets that we laid out earlier in the year."
