Financial Results

Barclays Says Profits Grew In Nine Months To End-September

Tom Burroughes Group Editor London 29 October 2015

Barclays Says Profits Grew In Nine Months To End-September

A day after announcing it has a new chief executive, Barclays issued results for the nine months to the end of September.

Barclays, which yesterday announced it was appointing a new chief executive, today reported that profit attributable to shareholders, on an adjusted basis, rose 14 per cent year-on-year to £2.942 billion ($4.49 billion) in the nine months to 30 September.

Pre-tax profit on an adjusted basis rose to £5.156 billion from £4.939 billion a year ago, the bank said. The firm’s cost-income ratio dipped to 65 per cent, as at 30 September, from 67 per cent a year before.

Since a restructuring move last year, the wealth and investment arm of Barclays no longer issues its own profit/loss figures and is included within the personal and corporate banking division. The PCB arm logged a pre-tax profit for the nine-month period of £2.383 billion, up 6 per cent from the same period a year before.

The bank said its fully loaded CRD IV CET1 ratio, a measure of a bank’s financial strength, held steady at 11.1 per cent.

Yesterday, Barclays announced it is appointing former JP Morgan senior manager James Staley as its new chief executive, taking up the role from 1 December and filling the vacancy left after Barclays forced out Antony Jenkins earlier this year amid demands for faster change.

Staley has nearly four decades of experience in banking and financial services. He worked for over 30 years at JP Morgan, initially training as a commercial banker, and later moving into leadership roles of businesses such as private banking and asset management, and ultimately, leading its investment bank. Staley is currently managing partner of BlueMountain Capital.

Jenkins was ousted earlier this year after a three-year stint as CEO which had seen a structural overhaul and downsizing - to some degree - of the investment bank's risk exposure. Jenkins took over after Bob Diamond, a controversial, high-profile figure, resigned in 2012 amid the Libor-rigging scandal, in which Barclays was a prominent player.

 

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