Barclays Reports Strong Q2 Performance

By Elena Vardon

Barclays, the U.K. bank, announced impressive second-quarter results, surpassing market expectations. The bank's profit for the three-month period ending June 30 was GBP1.96 billion ($2.54 billion), compared to GBP1.50 billion in the same period last year. This exceeded the estimated consensus of GBP1.91 billion compiled by the company.

Net attributable profit for Barclays rose to GBP1.33 billion from GBP1.07 billion, surpassing analysts' expectations of GBP1.24 billion. However, total income decreased to GBP6.29 billion from GBP6.71 billion, falling short of the estimated consensus of GBP6.53 billion.

Barclays attributed a significant portion of its total income to net interest income, which amounted to GBP3.27 billion, a notable increase from GBP2.42 billion in the previous year. The bank's common equity Tier 1 ratio, a measure of balance-sheet strength, remained steady at 13.8%.

In line with expectations, Barclays declared an interim dividend of 2.7 pence per share, up from 2.25 pence in the previous year.

Furthermore, Barclays revealed plans to launch a GBP750 million share buyback program, exceeding analysts' predictions of a GBP575 million program.

These impressive results highlight Barclays' strong performance and solidify its position in the market.