Signage shines through a window reflecting Barclays head office in Canary Wharf, London, U.K.Bloomberg | Getty ImagesLONDON — Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul.Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data.Pre-tax profits, however, were down 12% to £2.28 billion from $2.6 billion a year earlier, as the bank braces to implement its extensive revamp plans.Here are some other highlights:First-quarter group revenue was £6.95 billion, down 4% from the same period last year.Credit impairment charges were £513 million, compared with £524 million in the first quarter of 2023.Common equity tier one (CET1) capital ratio, a measure of bank’s financial strength was 13.5%, down from 13.8% in the previous quarter.Full-year return on tangible equity (RoTE) was 12.3%.Quarterly total operating expenses were up 2% year-on-year at £4.2 billion.Barclays reported a net loss of £111 million in the fourth quarter of 2023 due to an operational shake-up designed to reduce costs and improve efficiencies.CEO C.S. Venkatakrishnan said the bank’s first-quarter results showed it was committed to implementing its overhaul plans, including via further investment in its U.K. consumer business and through its acquisition of Tesco Bank, which expected to complete in the fourth quarter of this year.”We are focused on disciplined execution of the plan that we presented at our Investor Update on 20th February,” he said in a statement.The revamp plans included a £900 million hit due to structural cost-cutting measures, which the bank said were expected to lead to gross cost savings of around £500 million in 2024, with an expected payback period of less than two years.The overhaul saw the reorganization of the business into five operating divisions, separating the corporate and …
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[mwai_chat context=”Let’s have a discussion about this article:nnSignage shines through a window reflecting Barclays head office in Canary Wharf, London, U.K.Bloomberg | Getty ImagesLONDON — Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul.Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data.Pre-tax profits, however, were down 12% to £2.28 billion from $2.6 billion a year earlier, as the bank braces to implement its extensive revamp plans.Here are some other highlights:First-quarter group revenue was £6.95 billion, down 4% from the same period last year.Credit impairment charges were £513 million, compared with £524 million in the first quarter of 2023.Common equity tier one (CET1) capital ratio, a measure of bank’s financial strength was 13.5%, down from 13.8% in the previous quarter.Full-year return on tangible equity (RoTE) was 12.3%.Quarterly total operating expenses were up 2% year-on-year at £4.2 billion.Barclays reported a net loss of £111 million in the fourth quarter of 2023 due to an operational shake-up designed to reduce costs and improve efficiencies.CEO C.S. Venkatakrishnan said the bank’s first-quarter results showed it was committed to implementing its overhaul plans, including via further investment in its U.K. consumer business and through its acquisition of Tesco Bank, which expected to complete in the fourth quarter of this year.”We are focused on disciplined execution of the plan that we presented at our Investor Update on 20th February,” he said in a statement.The revamp plans included a £900 million hit due to structural cost-cutting measures, which the bank said were expected to lead to gross cost savings of around £500 million in 2024, with an expected payback period of less than two years.The overhaul saw the reorganization of the business into five operating divisions, separating the corporate and …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
