Barclays bank released its second quarter earnings report on Thursday.
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Barclays achieved a net income of £1.3 billion ($1.68 billion) in the second quarter, meeting expectations despite a slowdown in investment banking.
According to Refinitiv, analysts projected a net income of £1.4 billion for the quarter. In the first quarter of the year, the bank reported a net profit of £1.78 billion.
The strong performance in the second quarter was driven by the domestic division and the consumer and cards arm, both of which saw a significant revenue increase of 14% and 18% respectively.
However, investment banking revenues saw a 3% decline due to reduced client activity.
In a statement, C. S. Venkatakrishnan, the group chief executive, stated, “We have strategically positioned Barclays to navigate this challenging macroeconomic environment and have consistently delivered strong results in the second quarter.”
“Looking ahead, we have great confidence in achieving our targets for the full year,” he added.
The Barclays team also announced plans for a share buyback program worth up to £750 million.
Here are some other highlights from the quarter:
- Total revenues reached £6.3 billion.
- The CET1 ratio, which measures bank solvency, increased to 13.8% from 13.6% in the previous quarter.
- Operating costs decreased by 6% compared to the same period last year.
Year to date, Barclays shares have experienced a 1.5% increase.
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