Barclays’ net operating income fell to £4.7 billion (€5.2 billion) in the quarter, from £5 billion in the same period last year.

Chief executive Jes Staley said the bank is still focused on selling down and disposing of its hinterland businesses as quickly as possible to focus on US and UK operations.

He said: “The growing momentum in attaining our strategic goals means we can feel optimistic of our prospects of completing the restructuring.

“Our core businesses are performing well, non-core rundown is approaching the final lap toward closure, we are on top of costs, and our capital position is resilient with strong reasons for confidence in meeting our end state target.”

Barclays earlier this month announced plans to sell its Egyptian business to Attijariwafa Bank for a price understood to be about $500 million (€458m).

The overhaul has also seen the lender sell its Barclaycard credit card operations in Spain and Portugal to Bancopopular-e and sell down its 62.3 per cent stake in Barclays Africa.

Brexit boost

In August, the bank also sold its risk analytics and index unit to Bloomberg for about £615 million.

“Taken together, the picture in the third quarter is one of strong progress against this agenda,” the chief executive said.

The group’s main pension scheme deficit ballooned to £1.1 billion from an £800 million surplus.

However, the bank said that the pain of PPI provisions and the pension deficit was partially offset by “favourable” currency moves, following the devaluation of the pound in the wake of the EU referendum.

Sterling has fallen nearly 20 per cent against the US dollar since the Brexit vote, aiding multinational firms like Barclays which benefit from income in stronger foreign currencies.

The bank’s currency translation reserve grew to £2.4 billion as of September 30th, from £1.7 billion at the end of June.

– PA