Key facts
- Barclays' pre-tax profits rose 12% to £2.3 billion in the third quarter.
- The bank will return an additional £500 million to shareholders via a share buyback.
- UK bank taxes are expected to increase in the budget on October 28.
Barclays reported a 12% increase in pre-tax profits to £2.3 billion for the July to September quarter, up from £2.1 billion in the same period last year. The bank announced an additional £500 million share buyback, bringing the total returned to shareholders this year to £2.8 billion. This strong performance, which included a 6% rise in net interest income from UK retail banking to £2 billion, comes ahead of an expected increase in UK bank taxes in the budget on October 28. The Trades Union Congress is advocating for higher taxes on banks, arguing they can afford to contribute more to public finances while households face rising costs.