LONDON – British bank Barclays says its third-quarter net earnings rose 72 percent as it set aside less money to cover bad loans despite economic uncertainty.
Barclays said Wednesday that net income increased to 1 billion pounds ($1.3 billion) from 583 million pounds in third quarter of 2017. Provisions for bad loans dropped 64 percent to 254 million pounds as Barclays benefited from improved economic forecasts and focused on less risky credit card customers in the U.S.
Barclays has restructured its business to focus on personal and business banking in Britain and the U.S. after billions of pounds in charges for misconduct following the global financial crisis.
CEO Jes Staley says that strategy is paying off despite concerns over the U.K.’s departure from the European Union, “which weigh heavily on market sentiment.”