(Alliance News) - Barclays PLC on Friday said it has entered an agreement with Citigroup Global Markets Ltd to conduct the GBP500 million share buyback programme that it announced on Thursday, just two months after the bank launched a GBP1.00 billion buyback scheme.
Back in February, the London-based bank announced a GBP1.00 billion share buyback programme. This was launched in May, after being delayed from March amid Russia's invasion of Ukraine.
Barclays announced the additional GBP500 million buyback programme on Thursday, while reporting a drop in first-half profit.
For the six months to June 30, total income was GBP13.20 billion, up 17% from GBP11.32 billion last year. However, pretax profit fell 24% to GBP3.73 billion from GBP4.90 billion.
It also declared a half-year dividend of 2.25 pence.
On Friday, Barclays said the new GBP500 million share buyback will start after the completion of the GBP1.00 billion buyback or on October 3, whichever is earlier, and end no later than January 28 next year.
The bank said it has contracted Citigroup Global Markets Ltd, part of Citigroup Inc, to conduct the buyback.
The buyback will cover ordinary shares only, with no American depositary receipts to be purchased. The shares that are bought will be cancelled to reduce share capital.
Barclays shares were 3.0% higher at 154.86 pence each in London on Friday morning.
By Sophie Rose; sophierose@alliancenews.com
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Barclays (BARC)
