Barclays reported a net profit of 1.6 billion British pounds ($2 billion) for the third quarter of the year, surpassing the average estimate of analysts who placed it at 1.17 billion pounds.

With profits moving 23% higher compared to the corresponding period last year, the income of the British bank reached 6.5 billion poundsmarginally higher than market forecasts.

Barclays shares managed to register an intra-session increase of up to 5%forming at its highest levels since October 2015, to finally close with a rise of 4.2%, as reported by CNBC.

The bank’s tangible capital increased to 12.3% from 9.9% in the second quarter, with the CET 1 capital ratio strengthening to 13.8% from 13.6%.

A few months ago, Barclays announced a restructuring program in an effort to cut costs, boost returns to shareholders and stabilize its long-term financial performance by putting more weight on domestic borrowing while cutting costs in its most volatile unit. investment banking. Her strategy it also included the acquisition of the British retail bank Tesco Bank.

In the second quarter of the year, Barclays profits were down marginally on a year-on-year basis due to lower profits in consumer and business credit, with net investment banking profits up 10%.

These gaps were bridged in the third quarter of the year, with income from domestic activities to be strengthened by 4%, an increase that resulted in the bank’s management raising its annual forecast for net interest income to 6.5 billion pounds, from 6.3 billion pounds it had previously forecast.

Business credit revenue rose 1%, while investment banking revenue rose 6%.

Barclays CEO CS Venkatakrishnantold CNBC, that the results prove the bank can meet the goals management set in February.