British bank Barclays
on Tuesday beat profit expectations and announced a £1 billion ($1.33 billion) share buyback as market volatility boosted investment banking revenues.
Pre-tax profit beat estimates at £2.5 billion ($3.34 billion) in the second quarter, compared with a mean LSEG forecast of £2.23 billion. Group revenues met analyst projections of £7.2 billion.
Other highlights:
Investors have been watching the performance of the lender’s sharpened investment banking unit, which posted income of £3.3 billion in the three months to June, up 10% year-on-year. Higher net interest and trading income offset a fall in advisory fees and commissions at the unit.
