Barclays reports first half profit hits expectations, bad loans rise
FILE PHOTO-A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. REUTERS/Peter Nicholls/File Photowarned on Thursday of growing pressure on its UK business and missed forecasts for its investment bank as a global corporate dealmaking slump persists, sending its shares down despite announcing a bigger share buyback.
"The 750 million pound buyback is the silver-lining in what was a modestly disappointing quarter for revenue with only the UK in-line," Jefferies said in a note, suggesting Barclays' lowered guidance on margins in Britain raised questions about its future performance.The bank said its net interest margin – a key measure of profitability – in the UK would now likely dip by the end of the year below its half-year level of 3.
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