Oct 26, 2017

Barclays profits jump 31% to £1.1bn

Barclays' third-quarter profits rose 31% to £1.1bn, giving the bank a profit for the nine months so far of £3.4bn. The bank said profits growth had been driven by a £932m reduction in operating expenses and its performance had been encouraging. The profit figure was less than expected, because of weak profits in its investment banking division. In the first six months of the year, the bank set aside £700m. Its total provisions for PPI stand at £9.1bn. The bank also confirmed it was setting up a separate UK banking division to keep its day-to-day banking operations apart from the riskier investment banking, as required by new rules brought in to stop a repeat of last decade's credit crisis. The bank said the third quarter had been a difficult one for its markets business, amid a continuing slowdown in activity in bond markets. Its UK banking division saw an improvement in profitability and what it said was a "Good underlying return" from its consumer, cards and payments business.

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