BARCLAYS, Britain's third-biggest bank, said yesterday its full-year profit would beat market forecasts, with revenue growth setting a positive tone for the industry in a bumper year for consumer lending and mortgages.
Barclays said its operating income grew strongly in the first nine months of the year, while bad debt provisions - a major headache in previous years - were lower.
It reported a 12% jump in first-half, pre-tax profit.
Low interest rates also squeezed lending margins for Barclays and rivals such as Royal Bank of Scotland in the first half. However, the Bank of England raised interest rates last month and more rate increases are now on the horizon.
An analyst consensus forecast for full-year pre-tax profit is (pounds) 3.69bn, with a range of (pounds) 3.47bn to (pounds) 3.96bn, up from the 2002 profit of (pounds) 3.21bn.
Business banking, the biggest division, performed strongly in the third quarter compared with the first half as income increased and costs were squeezed, the bank said. Business volume increased at the personal financial services arm and margins were stable.
Barclays will announce full-year results on February 12, 2004.
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