(CercleFinance.com) – Barclays announced on Wednesday a 9% increase in its quarterly profit compared to the previous year, driven by its fixed rates, currencies and commodities (FICC) activities.
The British bank reported this morning a taxable profit of 1.97 billion pounds (2.27 billion euros) for the third quarter, against 1.86 billion pounds the previous year.
Analysts were expecting, by way of comparison, a pre-tax profit of around 1.80 billion.
CS Venkatakrishnan, the group’s chief executive, highlighted ‘solid’ results, supported by the ‘particularly robust’ performance of the FICC division.
The trading arm saw its revenue soar 63% to £4.72bn in the quarter as a result of sustained levels of activity from clients, who sought to take advantage of high market volatility financial.
Barclays, however, notes that its bad debt charges totaled 400 million pounds in the third quarter, four times their level a year ago, a phenomenon it attributes to the deteriorating economic environment.
Its results were greeted without enthusiasm by investors, the action yielding 0.9% to the London Stock Exchange in the first exchanges.
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