Barclays sees sevenfold rise in profits in 2nd quarter amid strong investment banking earnings

Industries Associated Press

Barclays, Britain's second largest bank, says second quarter profit increased sevenfold, boosted by earnings from investment banking and a 496 million pound ($774 million) gain on assets acquired from Lehman Brothers in 2008.

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Net income rose to 1.15 billion pounds in the quarter ended June 30, from 161 million pounds in the year-earlier period. Pretax profit from investment banking rose 35 percent to 765 million pounds.

The report was the first since John McFarlane took over as executive chairman and fired CEO Antony Jenkins after concluding Jenkins wasn't moving fast enough to improve earnings.

While Barclays is performing well, "there is more that can be done to deliver better returns for shareholders, faster," McFarlane said Tuesday.