Special Topic: Focus on U.S. Stocks’ 2024 First Quarter Earnings Report, April 25 | Barclays announced its first quarter 2024 results, with total revenue of 6.953 billion pounds, a year-on-year decrease of 4%, slightly higher than market expectations of 6.89 billion pounds; Pre-tax profit was 2.277 billion pounds, down 12% year-on-year, and market expectations were 2.195 billion pounds.
During the period, net interest income was 1.549 billion pounds, a year-on-year decrease of 4%, and the net interest margin was 3.09%, compared with 3.18% in the same period last year.
Return on average distributed tangible equity was 18.5%, compared with 20% in the same period last year.
As of the end of the quarter, the common equity tier 1 capital (CET1) ratio reached 13.5%, compared with 13.8% at the end of 2023.
In terms of guidance, looking forward to 2024, Barclays targets a return on tangible net assets of more than 10%. Barclays Group net interest income (excluding IB and headquarters) will reach 10.7 billion pounds, of which Barclays UK net interest income will reach 6.1 billion pounds, and ordinary Equity Tier 1 capital ratio is between 13-14%.
Looking forward to 2026, Barclays targets a return on tangible net assets of more than 12%, and the group\’s total revenue exceeds 30 billion pounds. It plans to return at least 10 billion pounds to shareholders through dividends and repurchases from 2024 to 2026.
