Barclays profit jumps 23% in third quarter, beating expectations

Barclays reported a net profit of £1.6 billion for the third quarter, exceeding expectations. The bank’s revenue was slightly higher than forecast, leading to a 2% increase in its shares. Barclays’ strategic overhaul earlier this year focused on cutting costs and stabilizing financial performance, with a particular emphasis on domestic lending. The bank saw improvements in its income from various sectors in the third quarter, leading to a more positive outlook for the full year. CEO C. S. Venkatakrishnan expressed confidence in meeting the bank’s targets and highlighted the importance of managing interest rates effectively. Other banks, such as HSBC and Deutsche Bank, have also announced restructuring plans in response to changing market conditions.