By Joe Hoppe

 

Barclays PLC said Wednesday that its third-quarter pretax profit and total income rose ahead of market views, and that it achieved income growth in all three of its businesses.

The FTSE 100 bank posted a pretax profit of 1.97 billion pounds ($2.26 billion) compared with a restated GBP1.86 billion for the same period a year earlier. It was expected to be GBP1.81 billion, according to the lender's compiled consensus.

Net profit for the quarter reached GBP1.51 billion, up from GBP1.37 billion for the year-earlier period. It was expected to reach GBP1.20 billion, according to the bank's compiled consensus. Net interest margin--a closely watched metric--was 2.78%, up from 2.53% a year before.

Total income rose to GBP5.95 billion from GBP5.47 billion. It was anticipated to be GBP5.91 billion, taken from the bank's compiled consensus.

The bank ended the period with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 13.8%, in line with expectations.

Barclays said its diversified income streams position it well for the current economic and market environment, including rising interest rates.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

October 26, 2022 02:29 ET (06:29 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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