LONDON, Oct 24, 2023 (BSS/AFP) - British bank Barclays on Tuesday unveiled a 
16-percent drop in net profit for the third quarter on souring loans and 
rising costs, and flagged more cutbacks ahead.

Profit after tax slid to o1.3 billion ($1.73 billion) in the June-September 
period, down from o1.5 billion in the third quarter last year, Barclays said 
in a statement.

Pretax profit dipped four percent to o1.9 billion, but revenues climbed five 
percent to o6.3 billion on higher interest rates.

However, credit impairment charges set aside for expected bad loans reached 
o433 million, hit partly by rising rates and weaker house prices. That 
compared with o381 million a year earlier.

Income from corporate and investment banking fell six percent as financial 
markets volatility led to lower customer activity.

Barclays chief executive C. S. Venkatakrishnan said in a statement that the 
lender was managing credit well and remained "disciplined" on costs.

"We see further opportunities to enhance returns for shareholders through 
cost efficiencies and disciplined capital allocation across the group," he 
added.