Barclays Bank Rebounds Into Quarterly Net Profit

Barclays said Friday that it rebounded into profit in the third quarter after a vast mis-selling charge a year earlier, but cautioned over the outlook due to coronavirus and Brexit

London (UrduPoint / Pakistan Point News - 23rd Oct, 2020 ) :Barclays said Friday that it rebounded into profit in the third quarter after a vast mis-selling charge a year earlier, but cautioned over the outlook due to coronavirus and Brexit.

Profit after taxation hit �611 million ($801 million, 677 million Euros) in the three months to the end of September, Barclays said in a statement.

That contrasted with a net loss of �292 million in the third quarter of 2019, when it had taken a massive charge of �1.4 billion to compensate customers who had been mis-sold payment protection insurance (PPI) over a number of years.

Pre-tax profit soared to �1.

1 billion from just �200 million a year earlier, while group income dipped six percent to �5.2 billion.

The lender also booked �608 million of impairment charges for the reporting period.

Barclays added that the "outlook remains uncertain and subject to change depending on the evolution and persistence of the Covid-19 pandemic and the outcome of Brexit negotiations".

And the company warned that it was also mulling further cost-cutting.

"The group will be evaluating actions to reduce structural costs, which could result in additional charges, the timing and size of which remain to be determined," it said.

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