London — Barclays reported stronger than expected third-quarter results on Friday as its consumer businesses swung back into profit and bad loan provisions fell, though the bank warned that the economic outlook was getting worse.
However, Barclays said it was considering further cost-cutting measures, which could result in more charges. Joseph Dickerson, banking analyst at Jefferies, said the strong results were likely to lead to upgraded full-year forecasts for Barclays after all three of the bank’s business divisions delivered revenues ahead of expectations.The lender’s investment bank supported its results, as it has done in recent quarters, in a fillip for CEO Jes Staley who has staked much of his credibility on the business at a time when some shareholders want it to cut back.
In common with other banks worldwide, Barclays has set aside billions of dollars in provisions for loans expected to go bad as the economic downturn from the Covid-19 pandemic hits both business and retail borrowers.
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