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