Barclays announces share buyback as second-quarter profit meets target

Barclays reported a net income of £1.3 billion ($1.68 billion) for the second quarter, in line with expectations.

Analysts were expecting a net income of £1.4 billion for the quarter, according to Refinitiv. The bank previously reported a net profit of £1.78 billion in the first quarter of the year.

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C. S. Venkatakrishnan, group chief executive, said in a statement: “We have positioned Barclays carefully for this mixed macroeconomic environment and delivered a consistent performance in the second quarter.”

“Looking forward we are very confident of meeting our targets for the full year,” he added.

The Barclays team also announced plans for a share buyback of up to £750 million.

Barclays shares are up by about 1.5% year to date.

This is a breaking news story and is being updated.