Barclays has raised its full-year net interest income outlook, driven by a resurgence in investment banking activities that bolstered its third-quarter performance. The British bank reported a pre-tax profit of £2.23 billion for the three months ending September 30, marking an 18% increase compared to the previous year. This result surpassed market expectations of £1.97 billion.
For the third quarter, Barclays' revenue increased by 5% year-on-year to £6.55 billion, exceeding the market forecast of £6.46 billion. Investment banking revenue reached £2.67 billion, reflecting a 6% growth from the previous year.
Moreover, growth in its UK operations helped mitigate declines in private banking, wealth management, and US consumer divisions. Barclays now anticipates its 2024 net interest income, excluding investment banking and headquarters, to exceed £11 billion, an increase from the previous forecast of around £11 billion. The net interest income from Barclays UK is expected to be approximately £6.5 billion, up from the prior guidance of around £6.3 billion.
