£6.9 billion, from £1.1 billion a year ago. The bank said consumer recovery, together with higher investment banking fees, have contributed to the stronger performance. “While the corporate and investment bank performance continues to be an area of strength for the group, we are also seeing evidence of a consumer recovery and the early signs of a more favourable rate environment,” Barclays’ chief executive Jes Staley noted.
There is growing concern among economists, as well as consumers, regarding rising inflation and the supply chain crisis, which caused long lines at gas stations and left supermarket shelves empty in the European nation. Nevertheless, Staley brushed them off saying Britain’s economy is on track to grow by 7 per cent this year, its best performance in over half a century.
“The recovery from the pandemic has been quite robust,” he said, adding that annual inflation running at up to 4 per cent is tameable. “If it’s driven by economic growth that could be positive. A level of inflation driving a response from the bond market and interest rates moving up would be quite positive for Barclays.”
In the case of supply chain shortages, the Barclays CEO noted that it is not holding back the economy, which is set to grow at a record level. “Its long-term impact will be quite modest,” he added.
