Barclays (LON:BARC) shot to the top of the FTSE 100 risers as investors overlooked a 21% slide in profits and focused instead on the bank’s reassuring comments about future trading.
Shares were 7% higher in early trading comparesd to a drop of about a third seen over the past year on worries over economic prospects and Brexit.
Profits fell to £2.06bn in the half year to June. Another £400mln set aside for PPI mis-selling hithe ongoing business contribution while losses in the business earmarked for sale jumped to £1,9bn from £705mln.
The bank said that it had seen strong growth in consumer, cards and payments and while the Corporate & Investment Bank saw a decline, overall its performance was ‘resilient in challenging market conditions’.
Jes Staley, chief executive, was more upbeat and said that the picture in the second quarter was one of ‘strong and accelerating progress against our strategy’.
“We remain confident that it is the right plan for Barclays, and see no reason to adjust it, or the pace of delivery, in light of the vote by the UK last month to exit the EU.”