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(Sharecast News) - Barclays Bank lifted bad loan provisions in response to macroeconomic uncertainty in the US as it also reported a better-than-expected 19% rise in pre-tax profit to 2.7bn.
Credit impairment charges increased to 643m from 513m a year ago, primarily driven by a 74m adjustment for "elevated US macroeconomic uncertainty" and the impact of the Tesco Bank acquisition.
Investment bank income rose 16% from a year ago to 3.9bn, beating forecasts of 3.5bn as fixed income trading revenue rose 21%.
Barclays reiterated its performance targets for the full year, despite "heightened uncertainty in the near-term macroeconomic outlook, especially in the US" after President Donald Trump effectively declared a global trade war.
The bank also lifted its 2025 income guidance to more than 12.5bn from a previous forecast of 12.2bn.
Reporting by Frank Prenesti for Sharecast.com
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