Barclays has higher than expected net profit in 3rd quarter

Barclays made £1.15 billion profit

Barclays announced on Friday that it made a net profit of £611 million in the third quarter of the year, compared with a loss of £292 million in the same period last year. Analysts consulted by the bank itself expected a smaller net profit of £201 million.

Revenues fell from £5.54 billion in the third quarter of 2019 to £5.20 billion in the same quarter of 2020. Despite the decline, the performance was above analysts' expectations of £4.85 billion.

The bank said its outlook for the year and 2021 depended on the outcome of the coronavirus pandemic and Brexit negotiations. At around 4.30am (Brasilia), Barclays' share advanced 3.9 percent on the London Stock Exchange.

Source: Dow Jones Newswires