Barclays reported a 7% decline in quarterly earnings and announced a £500 million buyback, surprising the market

Barclays Bank of the UK announced its third-quarter results. The quarterly pre-tax profit fell 7% year-on-year to £2.077 billion, with market expectations at £2 billion. The bank further set aside £235 million for the UK car financing scandal, bringing the total provisions to £325 million. The bank also disclosed a credit impairment of £110 million related to a single investment banking client. During the period, revenue increased 9% year-on-year to £7.167 billion, while credit impairment expenses rose 69% year-on-year to £632 million.

The bank announced a £500 million share buyback, which surprised the market, and plans to disclose buyback details each quarter. The bank's target for tangible equity return this year has been raised from around 11% to over 11%, benefiting from revenue exceeding expectations and a faster-than-expected cost-saving plan