This is up from £5.2billion from the same period a year ago and is higher than the £5.9billion that most analysts had been expecting
Barclays has revealed its pre-tax profits jumped by 17% to £6.1billion over the first half of 2026.
This is up from £5.2billion from the same period a year ago and is higher than the £5.9billion that most analysts had been expecting.
The banking group also slightly upgraded its income guidance for the year from £31billion to £31.5billion and announced a fresh share buyback of £1billion, above forecasts for £831million.
It comes amid renewed calls for new Prime Minister Andy Burnham to hit big banks with a tax hike to help struggling families with the cost of living.
Barclays said it was boosted by higher income from several parts of its business, including its UK bank, corporate and investment bank, and its US consumer bank.
However, the bank set aside more to cover debts from customers or businesses that likely won’t be repaid. Barclays said its credit impairment charges for bad loans increased to £1.4billion, up from from £1.1billion the year before.
Barclays is the first of several big name banks that are set to unveil a wave of bumper profits this week. Lloyds Banking Group is expected to reveal its profits surged 17% to £4.1billion on Thursday, followed by NatWest on Friday, which is forecast to announce similar profits of £4.1billion.
HSBC will report its results the following week but there are no firm estimates at this stage. Trade union body the TUC is calling for the Government to increase taxes on banks, and to use this cash to pay for a social tariff to bring down energy bills.
Currently the bank surcharge is an additional 3% corporation tax on the profits of banking companies above £100million, which was reduced from 8% in April 2023 by the Conservatives.
TUC estimates that reversing the Tory cuts and setting it at 8% would raise £9billion over four years. Doubling this to 16% would bring in £24billion, while a 35% surcharge would deliver £60billion.
Paul Nowak, TUC General Secretary said: “Big banks like Barclays are raking it in while working people and local businesses are struggling. High interest rates have been a boon for banks but have meant mortgage misery and higher bills for the rest of us.“
He added: “Barclays’ bonanza profits show that banks can easily afford to pay more tax. This is a chance for the new Prime Minister and Chancellor to show whose side they’re on. It’s time to increase the bank surcharge and tax banks to bring down energy bills.”
