Barclays Bank PLC BARC yet another British Bank bites the dust and grovels before the US department of Justice as it is forced to agree to a huge settlement to try and escape the consequences of its past dishonesty. The bank claims a strong financial third quarter performance and earnings per share over the first nine months came in at 21.6p.excluding litigation and conduct charges. Group expenses fell by 3% and profit before tax rose by 23% to £5.3bn.excluding litigation and conduct charges. Including those thumping costs and charges of £2.4bn., third quarter profit before tax was down on Q3 2017 when they only amounted to £0.8m. The group intends to pay a dividend of 6.5p per share for 2018.One could be left with the impression that huge settlements for past dishonesty are regarded as one of the acceptable risks of life in British Banking.
Fresnillo plc FRES After a strong third quarter, gold production continues to beat expectations and guidance is once again being revised upwards. Year to date silver production increased 8.5% compared to 2017 but.third quarter silver production was not as high as anticipated. Guidance for total silver production for the full year has been revised downwards to 62.0 – 64.5 moz as against previous guidance of 64.5 – 67.5 moz.
Metro Bank plc MTRO set out with the intention of bringing a breath of fresh air into British banking and that it has certainly done. Having started life with one branch n 2010 it has now opened its 60th and added 303,000 new customers so far this year, taking the total to 1.5m.The first nine months of the current year produced a strong performance, with profit tripling to £39.2m and underlying basic earnings per share soaring by 179%. It was duly rewarded for its efforts and came second for overall service quality in both personal and business banking in a CMA survey, And it was not asked to pay even a penny to the US Department of Justice.