UK bank Barclays on Wednesday smashed first-half profit estimates as it released £700m in impairments, resumed dividends and announced a £500m share buyback.
The company reported pre-tax profit of £5bn for the six months to June 30, well above the consensus forecast of £4.1bn, and up from £1.3bn.
Group income of £11.3bn was down 3% reflecting currency headwinds while the Common equity tier 1 ratio, a measure of financial strength, came in at 15.1%, in line with December 2020.
Shareholders will get an interim dividend of 2p a share after the Bank of England in July gave the go-ahead for payouts to resume.
Barclays will buy back £500m of its own shares, as impairments were expected to stay below historical levels due to an improved economic outlook and low default rates on unsecured lending.
