Barclays profits jump ahead of looming bank tax; French bond yields hit fresh 24-year high – business live
Source: The Guardian ·
French risk premium over German bonds widest since 2011 as oil prices climb above $111 a barrelGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Barclays’ profits jumped in the last quarter and it handed more cash to shareholders as further bank taxes looms in John Healey’s budget next Wednesday.I am pleased with the ongoing momentum of…
From the source
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Barclays’ profits jumped in the last quarter and it handed more cash to shareholders as further bank taxes looms in John Healey’s budget next Wednesday. The UK lender reported a 12% rise in pre-tax profits to £2.3bn for the three months to 30 September. In the UK, loans grew 7% year on year with particular strength in its corporate business, up 14%. It announced a new £500m share buyback, bringing the amount handed back to shareholders so far this year to £2.8bn, up 46% year on year. C. S. Venkatakrishnan, the Barclays chief executive, said: Barclays’ investment bank reported income of £3.1bn, lower than analysts had forecast. Income from fixed income trading slid 19%, worse than a 5% drop among US banks. The TUC urged the chancellor to increase taxes on banks at next week’s budget. The union body wants the government to use the money to pay for a social energy tariff that…