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LONDON: British bank Barclays on Tuesday unveiled a 16-percent drop in net profit for the third quarter on souring loans and rising costs, and flagged more cutbacks ahead.

Profit after tax slid to £1.3 billion ($1.73 billion) in the June-September period, down from £1.5 billion in the third quarter last year, Barclays said in a statement.

Pretax profit dipped four percent to £1.9 billion, but revenues climbed five percent to £6.3 billion on higher interest rates.

However, credit impairment charges set aside for expected bad loans reached £433 million, hit partly by rising rates and weaker house prices.

That compared with £381 million a year earlier.

Barclays now expects US Fed rate hike in December

Income from corporate and investment banking fell six percent as financial markets volatility led to lower customer activity.

Barclays chief executive C. S. Venkatakrishnan said in a statement that the lender was managing credit well and remained “disciplined” on costs.

“We see further opportunities to enhance returns for shareholders through cost efficiencies and disciplined capital allocation across the group,” he added.

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