Barclays beats third-quarter earnings on bond trading revenue

By The Exchange Team

Barclays' third-quarter earnings rose unexpectedly on high trading revenues, despite a costly U.S. trading blunder.

The British lender's net profit attributable to shareholders was £1.512B ($1.73B), beating analyst estimates of £1.152B and up from £1.374B last year.

Barclays CEO C.S. Venkatakrishnan remarked, "We generated another quarter of solid returns and income growth in each of our three businesses"

Our FICC (fixed income, currencies, and commodities) performance was robust, and our consumer businesses in the U.K. and U.S. grew.

Over-issuance of securities in the U.S. led to £996 million in litigation and conduct charges this year.

The bank's FICC (fixed income, currencies, and commodities) trading operations contributed the most to its performance, growing 93% year-over-year to £1.546B.

The bank also saw an increase in net interest margin, the gap between loan and deposit income.