Barclays reported Q2 net profit of £1.2 billion, revenue at £6.3 billion, and share buyback program.

From CNBC: 2024-08-01 03:11:02

Barclays reported a second-quarter net profit of £1.2 billion, slightly lower than a year ago, with revenue at £6.3 billion and a share buyback program of up to £750 million announced. Consumer bank net interest income dropped 4%, while investment bank income jumped 10%.

The British lender’s share price has risen 52% in the year due to a major restructure. Group Chief Executive C. S. Venkatakrishnan said the three-year plan was making good progress, with a return on tangible equity of 11.1% meeting targets for the year.

Barclays raised full-year net interest income target to circa £11 billion and reported steady credit impairment charges. Common equity tier one capital ratio was 13.6%, slightly down from December 2023. The company is on track to complete acquisition of Tesco Bank in November 2024.



Read more at CNBC:: Barclays earnings result Q2 2024