Jul 28, 2021

Barclays profit rebounds as pandemic fears fade

The bank reported net income of £2.1bn, up from £90m in the same period last year and easily beating analysts' expectations of £1.4bn. Revenues for the period rose 1 per cent to £5.4bn, slightly more than the £5.3bn estimate. Revenue from M&A advice surged 160 per cent amid a global dealmaking boom, while equity trading increased 15 per cent. This helped to offset a 39 per cent plunge in fixed-income trading income as market volatility returned to normal levels from the spring of last year, when the onset of the pandemic triggered chaos across financial markets. Overall pre-tax profits at the unit rose 52 per cent to £1.6bn, beating estimates for £1.2bn. There was a similar trend at UBS, which reported earnings last week. Revenue at the advisory and capital markets unit jumped 68 per cent to a record level, which offset a 14 per cent decline at the trading arm.

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