Barclays banks surging first-half profit
British bank Barclays said on Wednesday that first-half net profits surged on lower-than-expected credit losses, as the global economy shows signs of recovery from the pandemic. Profit after tax soared to £3.8 billion (€4.5bn) in the six months to the end of June, compared with £695 million for the same period of 2020, Barclays said in a results statement. The lender’s performance was boosted after it released credit loss provisions of £700 million. That compared with a vast impairment charge of £3.7 billion made last time around to deal with anticipated COVID fallout. The move was “driven by an improved macroeconomic outlook, lower unsecured lending balances and a benign credit environment”, the financial giant said. Pre-tax profit almost quadrupled to £5.0 billion, but revenues slipped 3.0 per cent to £11.3 billion. The lender will pay an interim dividend of 2.0 pence per share and also outlined plans for a £500-million share buyback. “Barclays has had a strong first half of the year,” said chief executive Jes Staley in comments accompanying the earnings.“We are... seeing signs that the global economy is recovering.“We have reported robust revenues and profitability and I am...