Barclays says core earnings fall 73 per cent in 3rd quarter

LONDON – Barclays says earnings from its core operations fell 73 per cent in the third quarter as it took a 320 million-pound ($392 million) charge for bad debts in its U.S. and U.K. credit card businesses.

The bank, which has been shedding riskier assets and focusing on Britain, said Thursday net income from its core business dropped to 257 million pounds from 961 million pounds a year earlier.

Net income for Barclays Group, which includes noncore businesses the bank intends to dispose of, fell 1 per cent to 414 million pounds.

Chief Executive Jes Staley says Barclays is selling noncore assets, dealing with legacy issues and meeting capital requirements. He says the bank is creating a “simplified trans-Atlantic, consumer, corporate and investment bank with the capacity to deliver sustainable high-quality returns.”