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SummaryCompanies BP hikes dividend by 10%Will repurchase $1.5 billion of sharesWeak refining, oil trading and high maintenance weighLONDON, Aug 1 (Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. BP's underlying replacement cost profit, its definition of net income, missed expectations of $3.5 billion in a company-provided survey of analysts. It fell from $8.5 billion a year earlier and from $5 billion in the first quarter. BP's gearing, or debt-to-capital ratio, stood at 21.7% in the second quarter, compared with 19.6% in the first quarter and 21.9% a year earlier. For the third quarter, BP expects oil prices to be supported by OPEC supply cuts alongside above-historical-average refining margins helped by lower inventories and U.S. demand.

Persons: Bernard Looney, Looney, Biraj Borkhataria, Ron Bousso, Jason Neely Organizations: Rivals Chevron, Exxon Mobil, Shell, BP, Reuters, Reuters Graphics Reuters, RBC, Thomson Locations: Ukraine, Germany

☆ HSBC net profit more than doubles in the first half, announces $2 billion share buyback
▼ + stars: | 2023-08-01 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Noel Quinn CEO of HSBC HoldingsNet interest income for the first half stood at $18.3 billion, 36% higher year-on-year, while net interest margin came in 46 basis points higher at 1.70%. Solid second quarterFor the second quarter alone, HSBC beat analysts' expectations to report an 89% jump in pre-tax profit in the second quarter. Pre-tax profit for the quarter ended in June was $8.77 billion, beating expectations of $7.96 billion. Net profit was $6.64 billion, beating the $6.35 billion expected in analysts' estimates compiled by the bank, jumping 27% compared to the same period a year before. Total revenue for the second quarter came in at $16.71 billion, 38% higher than the $12.1 billion seen in the same period a year ago.

Persons: Bertha Wang, Noel Quinn, CNBC's, Quinn, —, there's Organizations: Silicon Valley Bank, HSBC Holdings, Bloomberg, Getty, HSBC, HSBC —, Revenue Locations: France, Silicon, Hong Kong, U.K

☆ HSBC CEO discusses the bank's $2 billion share buyback announcement
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHSBC CEO discusses the bank's $2 billion share buyback announcementNoel Quinn, HSBC CEO, speaks to CNBC's "Capital Connection" about the bank's earnings and buyback announcement.

Persons: Noel Quinn Organizations: HSBC

☆ BP appeal requires more than short-term sweeteners
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 1 (Reuters Breakingviews) - Bernard Looney is throwing cash at BP’s (BP.L) shortcomings. In the three months to the end of June the $109 billion European oil major missed expectations by a wide margin, with net income falling 70% to $2.6 billion year-on-year. Wael Sawan, his counterpart at rival Shell (SHEL.L) who only took the helm this year, has refocused his company on “molecules” – from oil and gas to low-carbon hydrogen and biofuels. But Shell has done better, and Bernstein analysts recently estimated BP was trading at a yawning 87% discount to the sum of its parts. The risk for Looney is that if investors want to own one European oil major, it won’t be his.

Persons: Bernard Looney, Looney, Wael Sawan, Shell, Bernstein, won’t, Yawen Chen, Steve Cohen, ’, George Hay, Pranav Kiran Organizations: Reuters, Shell, outperforming, Exxon Mobil, Chevron, BP, Twitter, Sequoia, Thomson Locations: outperforming U.S, India

☆ HSBC invites shy investors to turnaround party
▼ + stars: | 2023-08-01 | by ( Una Galani | ) www.reuters.com time to read: +4 min

The turnaround Quinn launched shortly after taking charge of the London-headquartered bank in 2019 is gaining momentum. In the three months to the end of June, HSBC almost doubled its pre-tax profit to $8.8 billion compared with the same period last year. He’s catching up with market expectations, too, aiming for a return on tangible equity in the mid-teens and echoing Visible Alpha’s consensus numbers for 15% this year, and almost 14% next. Crucially, Quinn and his newish finance chief, Georges Elhedery, can focus on improving the bank’s performance with fewer distractions. All shareholders, though, clearly still need some convincing to join HSBC’s turnaround party in earnest.

Persons: Noel Quinn, Quinn, Georges Elhedery, Ping, Antony Currie, Thomas Shum, Oliver Taslic Organizations: Reuters, HK, HSBC, Reuters Graphics Reuters, Ping An Insurance, Thomson Locations: MUMBAI, London, Hong Kong, China, Asia, Europe, North America, Canada

☆ Greenlight's David Einhorn hit home runs short selling and buying companies making big buybacks
▼ + stars: | 2023-07-30 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Greenlight Capital's David Einhorn, a value-oriented hedge fund manager, found success pivoting to short selling and buying companies with big buyback programs. At the end of that bull market, Einhorn said the majority of surviving value investors ceased to consider valuation as a determining factor in their investment process. That "was an exceptionally good year," Einhorn said in his 2022 investor letter. The 54-year-old Einhorn also pivoted to buying companies with sizable buyback programs in place, instead of purchasing cheap stocks that have been struggling to close the valuation gap. Atlas Air Worldwide and Green Brick Partners were some of the stocks Einhorn held whose boards had authorized big repurchases.

Persons: Greenlight Capital's David Einhorn, Einhorn, shorting, Cathie Wood, Greenlight Organizations: Cornell, Greenlight Capital, Wall, Atlas Air, Green Brick Partners, Apollo Global, Green

☆ Listing of Ant Group is unlikely in the short term, state media report
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: 1 min

BEIJING, July 29 (Reuters) - A listing of Jack Ma-backed Ant Group (688688.SS) is unlikely in the short term, state media reported on Saturday, citing people close to regulation. Earlier this month, Ant Group announced a surprise share buyback that valued the fintech giant at $78.54 billion, well below the $315 billion touted in the suspended IPO. Reporting by Beijing newsroom Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Jack Ma, Mark Potter Organizations: Ant, Ant Group, Beijing, Thomson Locations: BEIJING

☆ Auction sizes set to increase at US Treasury refunding
▼ + stars: | 2023-07-28 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

The Treasury earlier this month posted a $228 billion budget deficit for June, up 156% from a year earlier. "They have to grow coupon auction sizes - not just at the August refunding, not just at the November refunding, but also at the February refunding as well, because they are ultimately trying to balance this supply picture between bills vs coupons and this growing financing need," Swiber said. The Treasury Borrowing Advisory Committee (TBAC) recommends that bills make up 15-20% of the total marketable debt. The Treasury will release its quarterly borrowing requirement Monday afternoon, and its refunding news comes Wednesday at 0830 ET/1230 GMT. The Treasury surveyed dealers about their opinion on how some details of the program should work ahead of the August refunding.

Persons: Steven Zeng, Meghan Swiber, Swiber, Ben Jeffery, Karen Brettell, Davide Barbuscia, Gertrude Chavez, Dreyfuss, Hugh Lawson Organizations: U.S . Treasury Department, Treasury, COVID, Deutsche Bank, Bank of America, BMO Capital Markets, Thomson Locations: U.S

☆ StanChart lifts annual profit outlook, sets new $1 billion share buyback
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +3 min

The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of the year surged 20% to $3.32 billion, beating the $3.18 billion average of 16 analyst estimates compiled by the bank. Standard Chartered upgraded its annual profit forecast on Friday and set a new $1 billion share buyback after a strong first-half performance, as rising rates and a record financial markets business propelled the lender's margins. An illuminated Standard Chartered Plc logo is displayed on the Standard Chartered Bank building. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment.

Persons: Bill Winters, StanChart, Goldman Sachs Organizations: Chartered, Standard Chartered Bank, Jefferies, Hong, Citigroup, Deutsche Bank Locations: Asia, Hong Kong, London

The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. StanChart's robust results showed how global market conditions are playing to the emerging markets-focused lender's strengths. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment. That contrasted with the prolonged slump in income at more deal-focused U.S. and European rivals. Reporting by Selena Li and Lawrence White; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Winters, StanChart, Goldman Sachs, Selena Li, Lawrence White, Muralikumar Organizations: Standard Chartered PLC, Jefferies, Hong, Citigroup, Deutsche Bank, Thomson Locations: HONG KONG, Asia, Hong Kong, London

[1/2] A man walks past ATM machines at branch of the NatWest bank in Manchester, Britain September 21, 2017. Davies said he intended to stay at the bank for now and confirmed for the first time on Friday that political pressure had played a part in Rose's exit. "The political reaction to retaining Alison as CEO was such that her position was untenable," he told reporters. NatWest reported pre-tax profit of 3.6 billion pounds ($4.6 billion) for the period, compared to 2.6 billion pounds the prior year and above the 3.3 billion pound average of analyst forecasts compiled by the bank. NatWest booked a 233 million pounds charge for potential loan defaults - compared to the release of 54 million pounds last year - and lowered its net interest margin forecast for the year to below 3.2%, with an expectation of it hitting 3.15%.

Persons: Phil Noble, Davies, Nigel Farage's, Rose, Howard Davies, Alison Rose, Nigel Farage, Coutts, Peter Flavel, Alison, We've, NatWest's, Paul Thwaite, Thwaite, Iain Withers, Lawrence White, Sinead Cruise, Tomasz Janowski Organizations: NatWest, REUTERS, Rose NatWest, BBC, Reuters, Rivals Barclays, Lloyds, Barclays, Thomson Locations: Manchester, Britain, Britain's, Rose's

☆ Soaring StanChart still has lots of work to do
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 28 (Reuters Breakingviews) - Bill Winters’ bank is finally getting its act together – to an extent. London-listed Standard Chartered (STAN.L) on Friday reported its highest first-half revenue and earnings since Winters joined as CEO in 2015. The upgraded 12%-14% top-line growth for this year, from 10% previously, caught investors' eyes, as did a chunky $1 billion share buyback programme. Winters managed to get costs down to 61% of revenue in the first half, close to his 2024 target of around 60%. Even after Friday’s bump, StanChart trades at just two-thirds of 12-month forward tangible book value, using analyst estimates gathered by Refinitiv Datastream.

Persons: Bill Winters, Winters, It’s, Refinitiv Datastream, Liam Proud, Streisand Neto Organizations: Reuters, “, HSBC, DBS, Twitter, Bank of Japan, Thomson Locations: SINGAPORE, London

☆ Enphase Energy slumps as lukewarm US demand weighs on revenue forecast
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - Shares of Enphase Energy (ENPH.O) slumped nearly 11% on Friday, after the solar inverter maker's third-quarter revenue target fell well short of analyst estimates due to weak demand. The Fremont, California-based company forecast revenue between $550 million and $600 million for the quarter ending Sept. 30, compared with analysts' estimate of $746.5 million. Therefore, we are taking aggressive and prudent actions in the U.S. to manage down the channel inventory," said Enphase Energy CEO Badrinarayanan Kothandaraman. Enphase also announced a new $1 billion share buyback plan, which failed to stem the share selloff. Reporting by Medha Singh and Mrinalika Roy in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Badrinarayanan Kothandaraman, Wells Fargo, Enphase, Medha Singh, Mrinalika Roy, Krishna Chandra Organizations: Enphase Energy, SolarEdge Technologies, Thomson Locations: United States, Texas, Arizona, Fremont , California, U.S, Bengaluru

☆ Standard Chartered first-half profit beats estimates, sets new $1 billion share buyback
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +1 min

A sign above the entrance to the headquarters of Standard Chartered Plc in London, U.K., on Monday, Feb. 14, 2022. Standard Chartered reported on Friday first-half pretax profit rose 20% and announced a new $1 billion share buyback, as rising rates and record financial markets business propelled margins at the emerging markets-focused lender. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of this year reached $3.32 billion. That compared with $2.77 billion a year earlier and the $3.18 billion average of 16 analyst estimates compiled by the bank. The bank upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously.

Persons: Bill Winters Organizations: Standard Chartered, Chartered Locations: London, Asia

☆ NatWest reports profit rise amid fallout from Farage fiasco
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +3 min

A sign outside a NatWest Group Plc bank branch in the City of London, UK, on Tuesday, July 25, 2023. Natwest is due to report first-half results on Friday, July 28. NatWest reported pre-tax profit of £3.6 billion ($4.6 billion) for the period, compared to £2.6 billion the prior year and above the £3.3 billion average of analyst forecasts compiled by the bank. NatWest remains under pressure over the Farage scandal. NatWest is nearly 40% taxpayer-owned following its bailout during the 2008-2009 global financial crisis, adding more weight to the government's position.

Persons: Hollie Adams, Nigel Farage, Alison Rose, Coutts, Rose, Peter Flavel, Paul Thwaite, Howard Davies, Thwaite Organizations: NatWest Group, City of, Natwest, Bloomberg, Getty, NatWest, BBC, Reuters, Rivals Barclays, Lloyds, Barclays Locations: City, City of London, Britain

Davies said he intended to stay on at the bank for now - after also facing calls to resign - and confirmed for the first time that political pressure forced the board's hand in Rose's exit. "The political reaction to that was such... that her position was then untenable," he told reporters. Britain's finance ministry said the decision for Rose to depart was made by her and the bank's board. "The NatWest board is responsible for the bank's strategic and operational management," a Treasury spokesperson said. ($1 = 0.7820 pounds)Reporting by Iain Withers and Lawrence White, editing by Sinead Cruise and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Davies, Nigel Farage's, Rose, Howard Davies, Alison Rose, Nigel Farage, Coutts, Peter Flavel, We've, Alison, Travers Smith, Paul Thwaite, Iain Withers, Lawrence White, Sinead Cruise, Tomasz Janowski Organizations: NatWest, Rose NatWest, BBC, Treasury, Reuters, Thomson Locations: Britain's, Rose's, Britain

SummaryCompanies Q2 profits slump 56% at Shell, 49% at TotalEnergies y/yOil, gas, LNG prices much lower in 2023 vs 2022TotalEnergies sees LNG prices recover somewhat in winterShell slows pace of share buyback programmeLONDON/PARIS, July 27 (Reuters) - Shell (SHEL.L) and TotalEnergies (TTEF.PA) reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges. Reuters GraphicsShell's shares were down 1.9% at 0755 GMT and TotalEnergies' slipped 0.4%, compared with a 1% decline in the European index of oil and gas companies (.SXEP). Prices for liquefied natural gas (LNG), a key product for both groups, dropped to $11.75 per million British thermal units (mmBtu) from around $33. Both Shell and TotalEnergies had flagged shrinking profit from refining crude oil into fuel and chemicals in the quarter.

Persons: TotalEnergies, Shell, Wael Sawan, Patrick Pouyanne, Ron Bousso, Shadia, America Hernandez, Susan Fenton Organizations: Shell, Reuters Graphics, Brent, Thomson Locations: PARIS, Ukraine, TotalEnergies

The earnings, which missed forecasts, follow bumper earnings in 2022 after energy prices surged in the wake of Russia's invasion of Ukraine, but were in line with its second-quarter performance two years ago. In June, Shell announced it would buy back at least $5 billion in shares in the second half of the year. Shell shares were down 1.7% by 0730 GMT, compared with a 1% decline for the broader European energy index (.SXEP). Reuters GraphicsWEAKER QUARTERThe lower results mainly reflected lower liquefied natural gas (LNG) trading results, lower oil and gas prices, lower refining margins, and lower sales volumes, compared with the previous quarter, Shell said. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages have eased.

Persons: Shell, Wael Sawan, Sawan, Jefferies, Giacomo Romeo, TotalEnergies, Norway's, Ron Bousso, Christina Fincher, Jason Neely Organizations: Shell, Reuters Graphics, Benchmark Brent, Thomson Locations: Ukraine

☆ Oil giant Shell posts sharp drop in second-quarter profit on weaker commodity prices
▼ + stars: | 2023-07-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Picture Alliance | Picture Alliance | Getty Imageswatch nowShares of the London-listed oil major slipped 2% on Thursday morning. 'Softening oil and gas environment'French oil major TotalEnergies also reported weaker-than-expected earnings on Thursday, posting second-quarter adjusted net income of $5 billion. TotalEnergies CEO Patrick Pouyanne said the firm's "robust" earnings came during a "favorable but softening oil and gas environment." Norwegian oil and gas giant Equinor had on Wednesday reported a 57% decline in year-on-year second-quarter profit as oil and gas prices slipped from last year's high levels. Oil and gas prices were under pressure in the first half of the year, however, as global economic jitters outweighed supply-demand fundamentals.

Persons: downgrades, Stuart Lamont, Patrick Pouyanne Organizations: Getty, RBC Brewin, Shell, BP, Exxon Mobil, Chevron Locations: London, Ukraine, U.S

LONDON, July 27 (Reuters) - Barclays (BARC.L) warned on Thursday of growing pressure on its UK business and missed forecasts for its investment bank as a global corporate dealmaking slump persists, sending its shares down despite announcing a bigger share buyback. The British bank reported first-half pretax profit of 4.6 billion pounds ($6 billion), in line with the average analyst forecast of 4.5 billion pounds, and higher than the 3.7 billion pounds in the same period a year ago. The bank set aside 896 million pounds in the six-month period for potentially soured loans, more than double the 341 million pound charge the previous year. European rivals are also struggling, with Deutsche Bank reporting on Wednesday investment bank revenues would fall this year instead of staying flat. Several investors told Reuters this month they wanted the bank to prioritise returning more capital to shareholders instead of investing it, after the lender completed a 500 million pound buyback in April.

Persons: Jefferies, Goldman Sachs, Jeremy Barnum, Lawrence White, Iain Withers, Sinead Cruise, Mark Potter Organizations: Barclays, Banking, JPMorgan, United, Citigroup, Deutsche Bank, Thomson Locations: Britain, United States

☆ Morning Bid: ECB to follow Fed hike, Meta surges
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +5 min

Fed Chair Jerome Powell remained equivocal about whether there was one more policy rate rise left this year and said Fed staff were no longer forecasting a recession - but futures markets continue to see a less than 50% chance of another move. Global stocks (.MIWD00000PUS) hit their highest since April last year on Thursday, with European stocks up more than 1% ahead of the ECB decision. The euro pushed higher against a softer dollar ahead of the announcement and press conference from ECB chief Christine Lagarde. The yen also firmed as the Bank of Japan is expected to keep its easy policy unchanged on Friday. The euro zone's biggest bank BNP Paribas (BNPP.PA), by contrast, beat Q2 estimates and the stock jumped 4%.

Persons: Mike Dolan, Meta, Jerome Powell, Dow Jones, Christine Lagarde, Willis Towers Watson, Giorgia Meloni, Joe Biden, Toby Chopra Organizations: Federal Reserve, European Central Bank, Fed, Treasury, Boeing, Dow, Wall, ECB, Bank of, Shell, Barclays, BNP, Central Bank, Intel, Ford, Boston Scientific, Myers Squibb, Honeywell, Xcel, Eastman Chemical, Pentair, Mastercard, P Global, Hershey, Digital Realty, Northrop Grumman, Weyerhaeuser, Cincinatti, Verisign, Comcast, Southwest Airlines, HCA, . Federal Reserve Board, Washington Reuters Graphics Reuters, Reuters, Exxon, Chevron, Thomson Locations: U.S, Bank of Japan, Asia, Hong Kong, China, Abbvie, Bristol, Edison, Kansas, Basel III, Washington

The French lender's second-quarter net income fell 4.9% on a reported basis to 2.81 billion euros ($3.12 billion), beating the 2.49 billion euro analyst consensus compiled by the company. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk - money put aside for failing loans - was lower than expected at 689 million euros. BNP's bottom line also suffered from a set of exceptional items that totalled 723 million euros after tax. These included an 125 million euro provision for unspecified litigation. The group's 5 billion euro share buyback programme will proceed as planned, it confirmed, adding that the second tranche of 2.5 billion euros had been approved and will be launched from early August.

Persons: Italy's, Mathieu Rosemain, Christopher Cushing, Jason Neely, David Goodman Organizations: BNP, Royal Bank of Canada, Bank of, European Central Bank, Spain's Santander, Thomson Locations: PARIS, Bank, France

☆ BNP Paribas beat estimates on debt financing, cost management
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +3 min

BNP Paribas , the euro zone's biggest bank, beat estimates in the second quarter as the corporate debt financing business and strong cost management partly offset a slump in securities trading. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk — money put aside for failing loans - came in lower than expected at 689 million euros. By contrast, sales from global banking activities within CIB - which comprise bond issues, syndicated loans and cash management — jumped by 17.5% in the second quarter at constant scope and currencies. BNP's bottom line in the second quarter also suffered from a set of exceptional items that totaled 723 million euros after tax. These included an 125 million euro provision for an unspecified litigation.

Persons: —, Italy's UniCredit Organizations: BNP, Royal Bank of Canada, Bank of, CIB, European Central Bank, Spain's Santander Locations: Bank, FICC, France

☆ Mediobanca to launch new $223 mln buyback after record year
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

MILAN, July 27 (Reuters) - Italy's Mediobanca (MDBI.MI) said on Thursday it would buy back its own shares for around 200 million euros ($223 million) in its new fiscal year after closing the previous one with record revenues and profits. The bank posted a 13% yearly rise in net profit to 1.03 billion euros in the 12 months through June, after one-off hits totalling around 190 million euros. Mediobanca booked a 49.5 million euro impairment on Swiss asset manager RAM while also setting aside 26 million euros to fund voluntary staff exits to boost generational turnover. "Mediobanca in the next three years will deliver strong growth in wealth management, more efficient risk weighted asset (RWA) management, and enhanced shareholder remuneration," Chief Executive Alberto Nagel said in a statement. ($1 = 0.8976 euros)Reporting by Gianluca Semeraro; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mediobanca, Alberto Nagel, Gianluca Semeraro, Valentina Za Organizations: MILAN, Thomson

☆ Barclays announces share buyback as second-quarter profit meets target
▼ + stars: | 2023-07-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Barclays said Thursday that it expects to earn less interest in its U.K. division, as analysts flagged the bank's "modestly disappointing" set of results. The British lender reported a net income of £1.3 billion ($1.68 billion) for the second quarter, in line with expectations, despite slower momentum in investment banking. Analysts were expecting a net income of £1.4 billion for the quarter, according to Refinitiv. The bank previously reported a net profit of £1.78 billion in the first quarter of the year. In addition, investment banking revenues dropped by 3% on the back of lower client activity.

Organizations: Barclays

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