![\"Barclays](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2021\/10\/Barclays-Glasgow-campus.png\")
Barclays bank has reported a 17% rise in first-half ?profit before tax to \u00a36.1 billion, beating analysts\u2019 forecasts and kickstarting what is likely to be a bumper reporting week for the sector.<\/p>\n
Strong equities trading revenues and deal fees ?contributed to the surge which exceeded the consensus estimate of about \u00a35.94bn.<\/p>\n
Group income rose 11% year-on-year to \u00a316.5bn, with the investment bank showing a 20% income increase.<\/p>\n
The bank also announced a ?fresh ?share ?buyback of \u00a31 billion, above forecasts ?for \u00a3831 ?million.<\/p>\n
It declared a dividend of 5.9p per share, a significant increase from the previous year\u2019s 3p. The company has also upgraded its 2026 Group income target to approximately \u00a331.5bn.\u00a0<\/p>\n
C S Venkatakrishnan, Group chief executive, commented: \u201cI am pleased with another strong quarter for Barclays.<\/p>\n
\u201cWe are upgrading the 2026 Group income target to c.\u00a331.5bn and remain committed to, and confident in, delivering all financial and distribution targets for 2026 and 2028.\u201d<\/p>\n
Nick Sherrard, managing director of Label Sessions, said: \u201cThe complex global environment has upsides and downsides for an institution like Barclays, but today\u2019s positive update is the result of the transformation that the bank has driven itself.<\/p>\n
\u201cBarclays has attached itself to some big commitments for this year \u2013 doubling investment in technological transformation and making \u00a32 billion of efficiency savings by 2028. Deliver on those promises and it could be a very different bank in the future.<\/p>\n
\u201cThe UK corporate bank is a case study of the pattern it needs to repeat. Returns have jumped past 21% after Barclays collapsed five separate tech platforms into one, doubled self-serve interactions, and got new clients reaching four products in half the time it used to take. The test for Barclays now is how quickly it can scale innovation like that across the bank.\u201d<\/p>\n
Chris Beauchamp, chief market analyst at investing and trading platform IG, said: \u201cWith the share price sitting at post financial crisis highs there is little room for error for Barclays, but these results provide the reassurance that the group is well-placed for the rest of the year. <\/p>\n
\u201cA solid run for the IB division helps allay concerns around the size of the motor finance claims, and for now the bigger concern will be how the deeply uncertain outlook for the global economy will play out in the months to come.\u201d<\/p>\n
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