Stock Analyst Note
Barclays Earnings: Management Raises Guidance for Net Interest Income
Barclays reported good second-quarter results, with a return on tangible equity of 9.9%. Excluding the loss on the sale of its Italian mortgage book and German consumer finance business, returns would have been 11.8%. The investment bank performed well, with banking fees and underwriting as well as intermediation growing year on year 44% and 12%, respectively. We maintain our GBX 230 per share fair value estimate and no economic moat rating.