Barclays Bank reported a better-than-expected rise in third quarter profits despite a sharp rise in bad loan charges as consumers started to feel the impact of the cost-of-living crisis.
The company on Wednesday posted a profit before tax of £1.97bn compared with a £1.86bn a year earlier and against a company-compiled consensus of £1.81bn.
Impairment charges for the quarter rose to £722m compared with a £622m release last year as pressure from the Covid pandemic eased. Group income rose 17% to £6.4bn, driven by increases in interest rates.
Net profit for the quarter was up to £1.51bn, up from £1.37bn.
Net interest margin, the difference between rates on loans and deposits, reached 2.78%, from 2.53% a year before.
Reporting by Frank Prenesti for Sharecast.com
