Analysts hailed Barclays’ third-quarter performance in equities and investment banking, although revenue growth in those business was not enough to offset the expected steep drop-off in fixed income, currencies and commodities, which ensured the investment bank’s pre-tax profits hit their lowest quarterly level since 2011.

Pre-tax profits at Barclays' investment bank fell to £463 million in the third quarter, down 53% from the £988 million level a year earlier, marking the worst quarter for the division since it posted a £32 million loss in the fourth quarter of 2011, according to the UK banking group's third-quarter interim results published today.