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☆ Barclays profit dips in the second quarter, beats estimates
▼ + stars: | 2024-08-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

LONDON — Barclays on Thursday reported second-quarter net profit attributable to shareholders of £1.2 billion ($1.54 billion), slightly lower than a year ago, as the British lender's net interest income fell. Analysts polled by Reuters had expected attributable net profit of £1.03 billion for the period, according to LSEG data, in a decline from the £1.3 billion logged in the second quarter of 2023. Barclays posted revenue of £6.3 billion for the latest quarter, above a forecast of £6.25 billion. Net interest income at it consumer bank dropped 4% year-on-year to £3.15 billion across the January-June period, as the lender's net interest margin declined from 3.2% to 3.15%. The lender's restructure split the corporate and investment bank across Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank.

Persons: Venkatakrishnan Organizations: Barclays Plc, LONDON, Barclays, Reuters, Tesco Bank, Barclays U.K, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank Locations: Canary, London, British

☆ Barclays swings back to profit in first quarter amid strategic overhaul
▼ + stars: | 2024-04-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul. Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data. Barclays reported a net loss of £111 million in the fourth quarter of 2023 due to an operational shake-up designed to reduce costs and improve efficiencies. The overhaul saw the reorganization of the business into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. The bank also pledged to return £10 billion to shareholders between 2024 and 2026 through dividends and share buybacks.

Persons: C.S, Venkatakrishnan, — CNBC's Elliot Smith Organizations: LONDON, Barclays, Reuters, Tesco Bank, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank

☆ Stocks making the biggest moves midday: UnitedHealth, SolarEdge, Bank of America, Tesla and more
▼ + stars: | 2024-04-16 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

UnitedHealth posted better-than-expected first-quarter revenue and reaffirmed its full-year earnings forecast of $27.50 to $28 per share excluding items. Johnson & Johnson — The drugmaker slipped 2% despite beating first-quarter profit estimates and reporting in-line revenue. Johnson & Johnson adjusted its full-year sales forecast for 2024 to a range of $88 billion to $88.4 billion compared to a previous forecast of $87.8 billion to $88.6 billion. The firm also surpassed analysts' earnings and revenue estimates. Bank of America — Charlotte-based Bank of America fell 3.5% after quarterly profit tumbled 18% to $6.67 billion , or 76 cents a share.

Persons: UnitedHealth, Johnson, Morgan Stanley —, Tesla, —, Sarah Min, Tanaya Macheel Organizations: Dow Jones, FactSet, Johnson, Technologies, Barclays, Live, Entertainment, Journal, U.S . Department of Justice, Bank of America, of America, Revenue

☆ Barclays jumps 8.6% after announcing major strategic overhaul
▼ + stars: | 2024-02-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

LONDON — Barclays on Tuesday reported a fourth-quarter net loss of £111 million ($139.8 million) as the British lender announced an extensive strategic overhaul, boosting its shares more than 8.6% through the day. For the full year, net attributable profit came to £4.27 billion, down from £5.023 billion in 2022 and below a consensus forecast of £4.59 billion. Credit impairment charges were £552 million, up from £498 million in the fourth quarter of 2022. The business will now be divided into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. Barclays is targeting total gross cost savings of £2 billion and an RoTE of greater than 12% by 2026.

Persons: C.S, Venkatakrishnan, Mariva Rivas, DBRS Morningstar, Rivas Organizations: Citigroup Inc, State Street Corp, Barclays Plc, HSBC Holdings Plc, LONDON, Barclays, Reuters, Momentum, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank, CNBC, U.S Locations: Wharf

☆ Barclays narrowly beats profit forecasts on strong consumer, credit card business
▼ + stars: | 2023-10-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LONDON — Barclays on Tuesday reported a net profit of £1.27 billion ($1.56 billion) for the third quarter, slightly ahead of expectations as strong results in its consumer and credit card businesses compensated for weakening investment bank revenues. Venkatakrishnan said the bank "continued to manage credit well, remained disciplined on costs and maintained a strong capital position" against a "mixed market backdrop." Barclays' corporate and investment bank (CIB) saw income decrease by 6% to £3.1 billion, with the bank citing reduced client activity in global markets and investment banking fees. The bank did not announce any new returns of capital to shareholders after July's £750 million share buyback announcement. The cost-income ratio in the third quarter was 63%, but the bank has set a medium-term target of below 60%.

Persons: Venkatakrishnan Organizations: LONDON, Barclays, Reuters, C.S, Barclays U.K, Q423 Locations: London

☆ Stocks making the biggest moves premarket: Fisker, Tesla, United Natural Foods and more
▼ + stars: | 2023-09-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Fisker — Shares of the vehicle development company surged 4.1% premarket after Bank of America reinstated coverage with a buy rating. Thor Industries — Shares of the recreational vehicle company slipped 3% premarket after it warned that it expects net sales to decline in the coming year. For the quarter just ended, Thor posted $1.68 in earnings per share on $2.74 billion of revenue. Analysts surveyed by LSEG were looking for 96 cents in earnings per share on $2.42 billion of revenue. United Natural Foods forecast earnings per share and adjusted EBITDA in the coming year below analysts' estimates, citing profitability headwinds, and fiscal fourth quarter revenue that missed analysts' $7.47 billion estimate, according to StreetAccount.

Persons: BofA, Fisker, Tesla, Morgan Stanley, DraftKings, Thor, —, Jesse Pound, Pia Singh Organizations: Bank of America, European Union, Barclays — Barclays, JPMorgan, Thor Industries, United Locations: Huntington Beach , California, China

Here are the meanings of the 10 hardest words that have also been used in Times articles. (Dec. 23, 2020)6. tomtit — any of several small birds that frequently elude Spelling Bee players:The Audubon Society would file a complaint in defense of tomtit virility. But, such is the state of Massenet’s reputation, I doubt that many sophisticated operagoers would rush to defend him. Barclays declined to comment on its arrangement with A.I.G., which is known as a “novation” in the world of derivatives, Reuters said. in Derivatives Deals (Feb. 5, 2010)The list of the week’s easiest words:

Persons: nunhood, “, Genji, Jakucho, monomania, ” Jacobs, ”, colcannon —, Patrick’s, Melissa Clark’s, colcannon, Cook, callaloo, Mr, Bates, cloaca, tomtit, Spelling, Massenet — Minor, pinniped, dognap —, Twilly, McGuinn, Naija, dey, —, novation, — Barclays Said Organizations: St, Audubon Society, Barclays, Reuters, — Barclays Locations: Japan, Frederick, Africa

☆ Wall Street analysts reveal their top ideas for the second half, including this red-hot solar name
▼ + stars: | 2023-07-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Wall Street analysts have rolled out a slew of top picks that they say investors must own as the second half of 2023 gets underway. They include First Solar, Torrid , Boston Beer, ServiceNow and Boston Scientific. ServiceNow Wells Fargo analyst Michael Turrin is expecting a big second half from the workflow software solutions company. First Solar There's no shortage of positive catalysts "brewing" as the second half kicks off, according to Goldman Sachs analyst Brian Lee. First Solar — Goldman Sachs, buy rating "Catalysts brewing into 2H23 set up well for more positive estimate revisions.

Persons: Roth, Bill Kirk, seltzer, Seltzer, Bud Light, Kirk, Boston Beer, Wells, Michael Turrin, We're, Turrin, ServiceNow, Goldman Sachs, Brian Lee, Lee, — Roth, … We're, Mgmt Organizations: CNBC, Boston Beer, Boston Scientific, Boston, Bank of America, 2Q, Scientific, Barclays, BSX Locations: Boston, Wells

☆ Barclays posts 27% rise in net profit for the first quarter, beats expectations
▼ + stars: | 2023-04-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The headquarters of Barclays Plc beyond the West India Quay Docklands Light Railway station in the Canary Wharf financial district in London, UK, on Monday, March 20, 2023. LONDON — Barclays on Thursday reported net profit of £1.78 billion ($2.2 billion) for the first quarter, beating expectations and coming in 27% higher year-on-year. A consensus Reuters poll of analysts forecast net profit at £1.432 billion. The income of Barclays UK was up 19% due to improved net interest income. In its previous results, Barclays said it set aside £1.2 billion for such charges last year, as its customers struggled with cost pressures.

☆ Barclays posts 19% slide in annual net profit after costly U.S. trading blunder
▼ + stars: | 2023-02-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Here are the other financial highlights:Common equity tier one capital (CET1) ratio was 13.9%, compared to 13.8% in the previous quarter and 15.1% for the final quarter of 2021. Return on tangible equity (ROTE) was 8.9% for the fourth quarter, compared to 12.5% in the third quarter and 13.4% for the fourth quarter of 2021. Net interest margin (NIM) was 2.86% for the full year, compared to 2.52% at the end of 2021. The bank booked £1.2 billion in credit impairment provisions, versus a £700 million charge in 2021. Barclays declared a total dividend for 2022 of 7.25 pence per share, up from 6 pence in 2021, including a 5 pence per share full-year dividend.

☆ Barclays cuts China GDP outlook after forecasting U.S., Europe recession
▼ + stars: | 2022-11-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's export growth has slowed in recent months after surging during the height of the pandemic globally. BEIJING — Barclays cut its forecast for China's economic growth next year to 3.8%, based partly on expectations of a drop in global demand for Chinese goods. As a result, they now expect China's exports to drop by 2% to 5% in 2023, versus previous expectations for 1% growth, the report said. "China's share of global exports has been shrinking this year," the analysts said. China's exports surged by 29.8% last year in U.S. dollar terms, following a 3.6% increase in 2020, according to the customs agency.

☆ Barclays posts profit beat for the third quarter on strong bond trading revenue
▼ + stars: | 2022-10-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A sign hangs above an entrance to a branch of Barclays Plc bank in the City of London, U.K.LONDON — Barclays on Wednesday reported an unexpected rise in third-quarter earnings on the back of strong trading revenues, despite a continued drag from a costly U.S. trading error. "We delivered another quarter of strong returns, and achieved income growth in each of our three businesses, with a 17% increase in Group income to £6.4 billion," Barclays CEO C.S. Common equity tier one capital (CET1) ratio was 13.8%, compared to 15.4% at the end of the third quarter of 2021 and 13.6% in the previous quarter. Group income including the impact from the over-issuance of securities hit £6 billion, up from £5.5 billion for the same period last year. Barclays shares will begin Wednesday's trading session down almost 20% on the year.

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