STORY: Barclays said on Tuesday (29 July) its first half profit rose a forecast-beating 23%.

That’s as its markets business gained big returns from frenzied trading sparked by U.S. trade tariffs.

The British bank’s first half pretax profit hit $6.9 billion - above expectations of $6.6 billion.

It also announced an expected share buyback of over $1.4 billion and half-year dividend of three pence per share.

It puts total capital distribution to shareholders up over a fifth from the year before.

The earnings update saw its investment bank lift overall returns.

Even as it shifts spending away from that unit to refocus on its domestic retail and corporate banking business.

Barclays CEO C. S. Venkatakrishnan said the lender remains “on track” to hit its three-year plan of delivering higher and more stable returns.

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