Barclays’ share price increased on Wednesday morning after the company reported strong revenue growth. The stock climbed to 152p, its highest level since October 5 this year, marking a rise of over 12% from its lowest point in 2022. However, it remains about 30% below its peak for the year.

Barclays delivered solid performance this quarter despite challenging economic conditions. The company’s income grew to £6.4 billion, up from £5.5 billion in the previous quarter. Its cost-to-income ratio fell to 60%, while its CET1 ratio increased to 13.8%. Overall, profit after tax was reported at over £4.6 billion.

The bank posted strong results across all divisions. Revenue from its Corporate and Investment Bank increased by 5%, driven by growth in its trading division. The Fixed Income Commodities and Currencies (FICC) unit saw a revenue surge of 63%.

Investment banking fees dropped by 54%, but its Consumer, Cards, and Payments (CC&P) business grew by 54%, supported by the expansion of US card balances. Barclays UK also saw a 17% revenue increase, thanks to higher interest rates. Barclays benefitted from having 40% to 45% of its revenue in US dollars, which provided additional strength.

Other European banks also reported strong results. On Tuesday, HSBC noted continued revenue growth due to rising interest rates. Deutsche Bank, Germany’s largest bank, exceeded market expectations with net income reaching over $1.1 billion, as its revenue grew by 15% to €6.92 billion.

Looking at the hourly chart, Barclays’ share price has been gradually moving upward in recent days. The stock has broken above the 38.2% Fibonacci Retracement level and formed an ascending channel. It has also risen above the 25-period and 50-period moving averages.

Given this trend, the stock is likely to continue climbing, with buyers targeting the 61.8% Fibonacci Retracement level at 160p. A stop-loss for this trade would be set at 147p.