Home News Barclays Reports Q2 Profit and Share Buyback

Barclays Reports Q2 Profit and Share Buyback

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Barclays, the U.K. bank, has announced its second-quarter profit, surpassing market expectations. The bank reported a pretax profit of GBP1.96 billion ($2.54 billion) for the three months ended June 30, compared to GBP1.50 billion in the same period last year. This quarterly profit exceeded the estimated GBP1.91 billion consensus compiled by the company.

Net attributable profit for Barclays also rose to GBP1.33 billion from GBP1.07 billion, surpassing analysts’ expectations of GBP1.24 billion. However, total income fell to GBP6.29 billion from GBP6.71 billion, missing the estimated consensus of GBP6.53 billion.

Barclays attributed a significant portion of its total income to net interest income, which accounted for GBP3.27 billion compared to GBP2.42 billion in the previous year. Net interest income reflects the difference between what banks earn from loans and what they pay clients for deposits.

The bank’s common equity Tier 1 ratio, a key indicator of balance-sheet strength, remained strong at 13.8% as expected.

In addition to its financial performance, Barclays announced a larger-than-expected share buyback program of GBP750 million. Analysts had anticipated a buyback program of only GBP575 million.

Barclays declared an interim dividend of 2.7 pence per share, consistent with market expectations and an increase from the previous year’s dividend of 2.25 pence.

This latest financial report signifies Barclays’ solid performance and ongoing commitment to enhancing shareholder value.

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