LONDON: Barclays said Tuesday that second quarter profit increased sevenfold, boosted by earnings from investment banking and a 496m pounds ($774 million) gain on assets acquired from Lehman Brothers in 2008.
Net income rose to 1.15bn pounds in the quarter ended June 30, from 161m pounds in the year-earlier period.
The report was the first since John McFarlane took over as executive chairman and fired CEO Antony Jenkins after concluding Jenkins wasn’t moving fast enough to cut costs and improve earnings.
Investment banking was Barclays’ fastest growing business in the first six months of the year, with pretax profit rising 36 per cent, compared with 10 percent for the bank as a whole.
Published in Dawn, July 30th, 2015
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