Barclays quarterly profits rise 12 percent to 2.3 billion pounds

Barclays reported a 12 percent increase in pre-tax profits for the third quarter, reaching 2.3 billion pounds from July to September. The Guardian and DirectorsTalk Interviews both reported that profits rose from 2.1 billion pounds during the same period last year. Reuters, Euronext Markets, and the Bournemouth Echo also confirmed the 12 percent growth in bank profits. [1][2][3][4][5]

Chief executive CS Venkatakrishnan announced that the bank is launching a 500 million pound share buyback to return additional cash to investors, according to the Guardian and DirectorsTalk Interviews. The Bournemouth Echo noted that the profit growth followed 200 million pounds in cost savings. [1][4][5]

The name Barclays originates from a partnership of goldsmith bankers established on Lombard Street in London in 1690. James Barclay joined as a partner in 1736, leading to the progressive incorporation of his surname into the title of the firm. [7]

The earnings release comes as UK banks prepare for a potential increase in bank taxes in the upcoming budget next week, according to the Guardian. [1]