Barclays profit hits £3bn

By Bruno Reis

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).

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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).

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