(Barclays) Barclays stock jumped more than 4% after the bank reported a second quarter profit of 2.1 billion pounds or $2.9 billion. The earnings were better than expected 1.7 billion pounds and up from 90 million pounds from the same quarter last year.
The profits were earned from a revenue of 5.4 billion pounds, up from 5.34 billion pounds a year earlier.
Barclays equities and investment banking fees surged 38% and 27% respectively in the quarter.
The bank’s CET 1 ratio measuring its solvency rose slightly from 14.2% a year ago to 15.1%
The bank announced a half-year dividend of 2 pence per share and share buyback of as much as 500 million pounds
The UK bank released almost 800 million pounds in credit impairment provisions, compared to 1.6 billion pounds charged in the same period last year.
Barclays trading business which blossomed last year due to coronavirus-induced volatilities fell 37% in the first half of the year from the same period last year.
Barclays now projects higher costs in 2021 due to Covid-19-related expenses, restructuring, pay hikes, and real estate review.
BARC: LON is up +4.09%.
