Good morning: The FTSE 100 lender Barclays has reported better-than-expected profits driven by a strong performance across its investment banking and credit card business.
The company posted pre-tax profits of £2 billion for the three months to September, flat on the same period last year.
Net interest margin — a key measure of bank profitability that measures the difference between the rate at which a bank raises deposits and that at which it lends money — rose to 2.78 per cent, “driven by the rising interest rate environment in the UK”.
The bank set aside £381 million to cover bad debts, up from £100 million in the same period last year, although the bank reported that “delinquencies remained below historical levels”
Boosted by higher interest
