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Bank of England Barclays On Thursday, the year-round pre-tax profit rose ahead of analysts’ expectations, and also proposed a £1 billion ($1.25 billion) share buyback.
Profits before tax increased 24% in 2024 to £8.118 billion, slightly higher than analysts’ forecast of £8.081 billion, according to LSEG.
In 2024, net profit attributable to shareholders also reached 24%, reaching £53.16 billion, but less than the analysts’ expectations of £5.449 billion. Attributable profits in the fourth quarter were £965 million, down from the £994 million analyst prospects for the period.
The lender’s total revenue could reach up to £6.96 billion in the three months to the end of December, compared with £5.6 billion in the fourth quarter of 2023, with Barclays core investment and retail units registering 28% and 46% year-on-year to £2.61 and £2.62 billion.
Since last year, Barclays has been implementing a strategic overhaul that reduces costs by £2 billion by 2026, boosts shareholder returns and stabilizes financial returns, focusing on profitable consumer and lending businesses, and leading to the company. absorb Retail banking business of British grocer Tesco.
But Barclays‘ Traditionally, strong banking units can now benefit from a more open market share in the domestic space, as HSBC announced last month that it was Prepare to exit Its merger capital markets have undergone a larger investment banking restructuring in Europe, the UK and the US.
Banks have also been recovering from a sweep Three-day technical interruption This disrupted payments and transactions at the end of last month and has since been resolved.
More broadly, lenders have been battling drowsiness in the UK economy and have fallen back in IPO activity on the London Stock Exchange. Bank of England Last week, the first-class layoffs of this year were executed And further pruning was proposed when downgrading in the UK’s economic forecast in 2025 – currency relaxation will usually swallow up in bank profits as this will exacerbate the difference between lenders’ loan return rate and their deposit expenses. British and European banks are also struggling to keep pace with their U.S. counterparts, which could benefit from the additional competitive advantage if newly formed U.S. President Donald Trump takes a more relaxed approach.
Meanwhile, UK Finance Minister Rachel Reeves is promoting UK’s financial behavior empowerment to promote synergistic competitiveness with consumer protection, and the market focuses on the government’s financial services growth and competitiveness strategies.
This breaking news report is being updated.
