The following is a summary of the Barclays PLC (BCS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Barclays achieved Q1 2024 total income of £7 billion, with interest income excluding the Investment Bank at £2.7 billion.
The bank's CET1 ratio stood at 13.5%, within the target range.
Barclays reported an overall RoTE of 13.0% in Q1, stable compared to Q4 2023. Profit before tax increased 3% from last year, at £1.6 billion.
The bank is tracking towards its targets for 2024 to 2026, which include returning at least £10 billion capital to shareholders, reaching about 12% RoTE by 2026, and achieving a cost-to-income ratio of 60%.
The bank has completed some 35% of a £1 billion share buyback announced at the end of 2023.
Business Progress:
Barclays plans to transform into a simpler, well-balanced provider through executing disciplined strategies.
Progress includes an agreement to sell Barclays' performing Italian mortgage portfolio and ongoing negotiations for the sale of its German consumer business.
Notable developments include improved results in Investment Bank advisory and DCM, an increase of 11% in the equities business, and a decline of 14% in FICC revenue.
The bank is expecting the acquisition of Tesco Bank in Q4 2024 to further its growth in unsecured lending.
Barclays has established a transformation office to oversee plan delivery across all sectors.
Also under consideration are changes in the U.S. card regulatory model and RWA efficiency across the group, inclusive of the Blackstone transaction.
More details: Barclays IR
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