Barclays has reported robust earnings for the fourth quarter of 2024, driven by strong performance in its investment banking division. The British bank’s net profit rose 12% to £1.8 billion (2.3billion), while revenue increased (8.
The bank’s fixed-income trading and advisory services were key contributors to the growth, offsetting weaker performance in other segments. Barclays also highlighted the success of its cost-cutting measures, including workforce reductions and operational streamlining, in improving profitability.
“Despite a challenging economic environment, we have delivered a strong quarter by focusing on strategic priorities and operational efficiency,” said Barclays CEO C.S. Venkatakrishnan. “Our investment banking division continues to be a significant contributor to our success.”
Analysts have praised Barclays’ ability to deliver consistent growth but caution that the bank’s reliance on investment banking revenue could pose risks in a volatile market. The bank has also made strides in expanding its digital banking services, which have seen increased customer adoption.
Looking ahead, Barclays plans to focus on digital innovation and exploring new revenue streams to sustain growth in 2025.
