"Over halfway through: In its H1 results in June Barclays highlighted the midpoint of its 3-year revamp and noted it had achieved over half (£17bn) of the c.£30bn planned UK risk weighted assets (RWAs) growth, half of the target income growth and realised two-thirds of the £2bn planned gross cost efficiency savings. Group income of £14.9bn was up 12% year-on-year, with group net interest income (NII) up 13% to £6.1bn."
"Barclays Investment Bank (IB) income increased 10%, driven by a surge in trading activity, partially offset by Investment Banking. Equities trading revenues rose 16% while income from its fixed income desks rose 23%. Chief executive CS Venkatakrishnan said he was pleased with the performance of the investment bank but investors are noting the fee-generating business was lagging behind US peers. Banking fees and revenue from underwriting fell 16%, while income from"
Shares of UK-focused lenders have risen strongly this year as higher interest rates improved margins and boosted profits. Barclays will report Q3 results on 22 October, with shares up 35% year-to-date and trading near multi-year highs. Barclays reported its three-year revamp has reached the midpoint, achieving over half (£17bn) of planned UK RWAs growth, half of the income target and two-thirds of £2bn gross cost savings. H1 group income was £14.9bn, NII £6.1bn, RoTE 13.2% and profit before tax £5.2bn. Investment bank trading activity lifted revenues while fee-generating businesses and underwriting fees lagged, and a £1bn buyback was announced.
Read at London Business News | Londonlovesbusiness.com
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