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Barclays Q3 profit rises, net operating income 4.46 billion pounds

Staff Writer | October 26, 2017
Barclays reported that its third-quarter profit before tax increased to 1.11 billion pounds from 837 million pounds in the year-ago period.
Barclays   9M profit before tax increased 19%
Attributable net profit for the quarter was 583 million pounds or 3.7 pence per share, up from 414 million pounds or 2.6 pence per share a year ago.

However, net operating income was 4.46 billion pounds, lower than 4.66 billion pounds last year.

In the nine-month period, profit before tax increased 19% to 3.45 billion pounds, driven by an 8% reduction in operating expenses, partially offset by a 2% decrease in income. However, net operating income declined 3 percent to 14.29 billion pounds.

Looking ahead, Barclays said it is announcing new targets for 2019 and 2020. The company has set a target of achieving a Group RoTE of greater than 9% in 2019, and improving the Group RoTE again in 2020, to be greater than 10%.

The company also provided a firm target range for costs in 2019 to be between 13.6 billion and 13.9 billion pounds, excluding litigation and conduct charges, and depending on proactive investment choices it will make in that year.