Barclays Plc is buying back a further £1 billion ($1.3 billion) worth of shares after its traders turned in a better-than-expected quarter.

Barclays first-half profit rose by a better-than-expected 23%, the British bank said on Tuesday, with its markets business reaping bumper returns from the frenzied trading activity sparked by U.S. President Donald Trump's trade tariffs.

The lender posted a 28% on-year increase in pretax profit as clients sought to hedge risk and reposition portfolios, boosting trading activity .