Barclays lifts outlook as windfall from high interest rates endures:
UK bank increases net interest income guidance as central banks hold rates steady for longer ...
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Barclays Benefits from Prolonged High Interest RatesThe bank raised its 2024 net interest income forecast to £11bn despite a 7% profit drop to £1.2bn in Q2 amid market pressures.
- Barclays increased its net interest income guidance for 2024 to £11 billion, driven by sustained elevated interest rates and slower deposit outflows.
- Shareholder profits fell 7% in Q2 to £1.2 billion as gains in investment banking were offset by challenges in the UK retail market.
- The investment bank grew revenue by 10% year-on-year, boosted by a 24% rise in equities trading and significantly higher banking fees.
- A £750 million share buyback was announced alongside positive remarks on the new UK Labour government's business-friendly economic approach.
The one great thing that we’ve seen in the last month and a bit since the government has been in is . . . this seamless transition of power, seizing of the economic momentum.— CS Venkatakrishnan, CEO of Barclays, discusses the positive economic developments under the new Labour government.
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