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Despite the pandemic, Barclays gained on revenue

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Miguel A. Rodriguez
Miguel A. Rodriguez
14 settembre 2020
There was a silver lining for Barclays

The British multinational bank, Barclays, released today its financial report, and the market was disappointed. 

Barclays posted a before-tax profit of 359 million pounds, roughly four times lower than last year’s GBP1.53 billion. Numbers came lower than the expected GBP491 million. 

The net profit came in at GBP90 million, down from last year's GBP1.03 billion. It came two times lower than the bank's consensus of GBP180 million. The net interest income dropped by 20% to GBP1.9 billion, after the interest rates reached a record low of 0.1% in March.

Total revenue for Q2 was GBP5.34 billion, exceeding the bank’s expectations of GBP5.27 billion. However, compared to last year’s numbers, it came in lower than the GBP5.54 billion reported then.

After the report, the stock price traded lower by 4%. Since the beginning of the year, Barclays stocks fell 39%. 

Check-out on CAPEX.com how other banks performed in Q2!

Sources: ukinvestormagazine.co.uk, marketwatch.com

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Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel ha lavorato per importanti istituzioni finanziarie, come Banco Santander e Banco Central-Hispano. È autore di libri sul trading di valuta con diverse pubblicazioni alle spalle.