Barclays profit hits £3bn

The UK-based bank, Barclays, has reported an 82% rise in its half-year pre-tax profits, according to the Financial Times.

The company’s pre-tax profits during the review period hit £3bn (US$3.63bn). The firm’s results mark the best figures for the six months to June in nine years.

However, the bank’s underlying profitability has fallen by 15% to £3.1bn (US$3.75bn).

SEE ALSO:

• Barclays announcement to pave the way for a new wave of “financial fitness” apps in Europe

• Barclays launches European ownership shift from UK to Ireland

• Barclays to increase dividends following second quarter results

• Read the latest issue of Business Chief, Europe edition, here

During the first quarter of the year, Barclays cut 3,000 jobs from its 82,000 total.

According to Jes Stanley, Chief Executive Officer of Barclays, the company has had a renewed focus on cost control, such as reducing bonuses and investment spending.

The firm aims to lower its annual expenses to below £13.6bn (US$16.46bn). The bank’s previous guidance was between £13.6bn and £13.9bn (US$16.83bn).