Barclays Q3 Results Climb; Lifts FY24 Group NII Outlook, Backs FY26 Income View

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(RTTNews) - British banking major Barclays Plc (BARC.L, BCS) reported Thursday that its third-quarter profit before tax climbed 18 percent to 2.23 billion pounds from last year's 1.89 billion pounds.

Attributable profit improved 23 percent to 1.56 billion pounds from 1.27 billion pounds last year. Basic earnings per ordinary share were 10.7 pence, compared to 8.3 pence in the prior year.

Total income increased 5 percent to 6.55 billion pounds from 6.26 billion pounds a year ago.

Group Net Interest Income or NII excluding Investment Bank and Head Office was 2.8 billion pounds, of which Barclays UK NII was 1.7 billion pounds.

Looking ahead for fiscal 2024, the company now expects Group NII excluding Investment Bank and Head Office to be greater than 11.0 billion pounds, compared to previously expected around 11 billion pounds.

Within this, Barclays UK NII guidance increased to around 6.5 billion pounds from previous estimate of around 6.3 billion pounds.

The company also targets RoTE of greater than 10 percent and c.10.5 percent excluding inorganic activity.

Further, for fiscal 2026, the company continues to expect Group total income of around 30 billion pounds, and a greater than 12 percent RoTE.

Barclays also said it plans to return at least 10 billion pounds of capital to shareholders between 2024 and 2026, through dividends and share buybacks, with a continued preference for buybacks.

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