Barclays reports 17% profit rise on strong equities trading

LONDON: Barclays on Tuesday reported a first-half profit rise of 17%, beating analysts’ ​forecasts, as it followed Wall Street peers in ​reaping bumper equities trading revenues and deal fees ⁠this year.

The British bank reported profit before tax ​for the January to June period of £6.1 billion on ​Tuesday, just above analysts’ expectations of about £5.94 billion.

It also announced a fresh share buyback of £1 billion, above forecasts for £831 million.

Barclays slightly ​upgraded its income guidance for the year from £31 ​billion to £31.5 billion and said it was on track to meet ‌its ⁠performance goals for 2026.

Barclays’ investment bank, which has remained one of the group’s main earnings engines and a differentiator from domestic-focused UK rivals such as Lloyds ​and NatWest, ​delivered total ⁠income of £4 billion in the second quarter of the year compared with analysts’ forecasts ​for £3.7 billion.

The British bank reported revenues from equities ​rose ⁠45% in the quarter compared with the same period last year. That lagged those of Wall Street rivals which were up ⁠an ​average 69% in equities for ​the period, aided by the huge SpaceX initial public offering that helped supercharge ​earnings.