Barclays Q3 Profit Tops Forecast, Unveils £500m Buyback – Shares Jump, Analysts Bullish
Strong Q3 results despite charges Barclays’ Q3 results (to 30 Sept) surpassed expectations. Total income rose to £7.2bn, a 9% year-on-year increase cityam.com, helped by robust trading and higher net interest income. This beat internal forecasts of around £7bn. However, Barclays took extra charges: it raised motor-finance redress provisions to £325m (an extra £235m provision) and also booked a £110m credit charge linked to the collapse of US auto-dealer Tricolor cityam.com. These drove pre-tax profit down to £2.1bn (–7% YoY) cityam.com, roughly in line with analysts’ models. In context Barclays’ year-to-date performance remains strong. Profit before tax for the first