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| Barclays profits jump 31% to £1.1bn | Barclays profits jump 31% to £1.1bn |
| (35 minutes later) | |
| Barclays' third-quarter profits rose 31% to £1.1bn, giving the bank a profit for the nine months so far of £3.4bn. | Barclays' third-quarter profits rose 31% to £1.1bn, giving the bank a profit for the nine months so far of £3.4bn. |
| The bank said profits growth had been driven by a £932m reduction in operating expenses and its performance had been encouraging. | The bank said profits growth had been driven by a £932m reduction in operating expenses and its performance had been encouraging. |
| But the profit figure was less than expected, because of weak profits in its investment banking division. | But the profit figure was less than expected, because of weak profits in its investment banking division. |
| These were down from £1bn to £652m. Its chief executive said the quarter had been "particularly significant". | These were down from £1bn to £652m. Its chief executive said the quarter had been "particularly significant". |
| Jes Staley said it was the first for many years in which "we have not been in some state of restructuring". | Jes Staley said it was the first for many years in which "we have not been in some state of restructuring". |
| The bank also confirmed it was setting up a separate UK banking division to keep its day-to-day banking operations apart from the riskier investment banking, as required by new rules brought in to stop a repeat of last decade's credit crisis. | |
| The bank said the third quarter had been a difficult one for its markets business, amid a continuing slowdown in activity in bond markets. | |
| Its UK banking division, however, saw an improvement in profitability and what it said was a "good underlying return" from its consumer, cards and payments business. | |
| The results were also helped by an absence of further provision for payment protection insurance (PPI) mis-selling. | |
| In the first six months of the year, the bank set aside £700m. Its total provisions for PPI stand at £9.1bn. | |
| That could spell the end of the PPI scandal that has blighted UK banks' reputation and results. | |
| Another potential cloud, specific to Barclays, involves boss Jes Staley, who is under investigation by authorities for twice trying to identify the author of a letter that raised questions about the decision to employ one of Mr Staley's old colleagues from his JP Morgan days. | |
| Barclays has already reprimanded Mr Staley for his conduct. | |
| The matter is still being investigated by financial regulators the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). |