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Barclays beats forecasts despite higher bad debt provision on US worries
(Sharecast News) - Barclays Bank lifted bad loan provisions in response to macroeconomic uncertainty in the US as it also reported a better-than-expected 19% rise in pre-tax profit to £2.7bn. Credit impairment charges increased to £643m from £513m a year ago, primarily driven by a £74m adjustment for "elevated US macroeconomic uncertainty" and the impact of the Tesco Bank acquisition.
Investment bank income rose 16% from a year ago to £3.9bn, beating forecasts of £3.5bn as fixed income trading revenue rose 21%.
Barclays reiterated its performance targets for the full year, despite "heightened uncertainty in the near-term macroeconomic outlook, especially in the US" after President Donald Trump effectively declared a global trade war.
The bank also lifted its 2025 income guidance to more than £12.5bn from a previous forecast of £12.2bn.
Reporting by Frank Prenesti for Sharecast.com
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