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LONDON – British bank Barclays today announced a 10% lift in net profit for the third quarter but also revealed rising impairment charges owing to an “uncertain economic environment”.
Profit after tax rose to £1.51 billion (RM8.21 billion) in the June to September period, up from £1.37 billion in the third quarter last year, Barclays said in a statement, as the banking sector benefits from rising interest rates.
Impairment charges set aside for expected bad loans more than tripled to £381 million.
“We are ready to provide support for customers and clients facing an uncertain economic environment and higher cost pressures,” Barclays chief executive C. S. Venkatakrishnan said in a statement.
“Whether helping retail customers to manage their finances or corporate clients navigate markets volatility, we will continue to be focused on meeting their needs.” – AFP, October 26, 2022
