Barclays announces Q2 results; profits quadruples

Barclays announced strong second quarter, pre-tax profits rising to £2.6 billion over the second quarter ending up to June 2021, up from £359m a year earlier. It also beat consensus forecasts for £1.7 billion in profits for the same period.

Barclays shareholders are in line for a payout of more than £800m from dividends and share buybacks after a rise in profits as the UK economy recovers from the coronavirus pandemic. It is the first major UK bank to hand money back to investors since the Bank of England scrapped the remaining Covid restrictions on shareholder payouts, which were introduced by the central bank at the start of the pandemic last year.

“Our profitability, strong capital position and balance sheet have enabled us to increase capital distributions to shareholders,”

Jes Staley, CEO Barclays

Barclays (BARC.L) shares are up more than 4% at 176p

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