Banking giant Barclays has revealed an 8% drop in half-year profits, but increased its full-year outlook for a key performance measure and unveiled more returns for shareholders.
The lender reported pre-tax profits of £4.2 billion for the first six months of 2024, down from £4.6 billion a year earlier, but better than expected thanks to a strong performance in its investment bank.
In the second quarter, it saw profits fall 1% to £1.9 billion.
It set aside another £897 million for bad debts in the first half, up from £896 million a year ago, after putting by £400 million in during the second quarter.
But the group raised its net interest income outlook for the full year to around £11 billion, up from the previous guidance for about £10.7 billion, partly on the back of a higher than expected interest rate outlook, with fewer cuts now pencilled in.
It also confirmed plans to buy back another £750 million in shares in the third quarter and boosted half-year dividends.
Group chief executive CS Venkatakrishnan, who is also known as Venkat, said the bank was “making good progress on our three-year plan”.
“We announced a half year dividend of 2.9p per share alongside a share buyback of up to £750 million, with total capital distributions to shareholders of £1.2 billion in respect of the the first half of 2024.”
This article was written by Holly Williams from The Independent and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.