Barclays reported a net profit of £1.27 billion ($1.56 billion) for the third quarter, beating expectations. The bank's consumer and credit card businesses performed well, compensating for a decline in investment bank revenues. Barclays' corporate and investment bank saw a 6% decrease in income, while its consumer, cards and payments business saw a 9% revenue increase. The bank hinted at substantial cost cutting measures to be announced later in the year. Barclays plans to outline its capital allocation priorities and revised financial targets in an investor update alongside its full-year earnings.

The post Barclays Narrowly Beats profit forecasts on strong consumer, credit card business appeared first on Balanced News Summary.