Barclays reported improved figures for its second-quarter earnings, a welcome sign to markets after what has been a challenging few years.
The British bank reported pretax profits of £1.9 billion ($2.49 billion) for the quarter. This nearly tripled the pretax profit of £659 million for same period last year and above a consensus estimate compiled by the bank, leading it to announce its best quarter in more than three years. Shares were up 2.7 percent on Thursday morning as European markets opened.
Barclays Chief Executive Jes Staley expressed optimism over the numbers, speaking to CNBC's "Squawk Box Europe" on Thursday.
"This is obviously a very strong quarter for Barclays, one of the first quarters since the restructuring began where we're really clear of all the major impediments — there's no more litigation hanging over us, no more costs to achieve, no more restructuring costs. One of the first clean quarters for Barclays, and portends for things to come," Staley said.
Here are the key takeaways:
- Barclays reported pretax profit at £1.9 billion ($2.49 billion) for the second quarter.
- First-half underlying profits rose 20 percent to £3.7 billion, excluding litigation and conduct costs.
- Including charges, first half profit fell 29 percent to £1.66 billion.
- The bank declared a interim dividend of 2.5 pence per share for the year's first half, with the intention to pay a dividend of 6.5 pence per share for 2018.
"We're very pleased, generating a 12.3 percent return on tangible equity on the back of after tax earnings over £1.4 billion, that really shows the potential of this bank," Staley added.