On Thursday, British banking giant Barclays Plc (BARC.L, BCS) announced an 18% increase in its pre-tax profit for the third quarter, reaching £2.23 billion, compared to £1.89 billion in the same period last year.
The company's attributable profit rose by 23% to £1.56 billion, up from £1.27 billion the previous year. Basic earnings per ordinary share went up to 10.7 pence from 8.3 pence the prior year.
Barclays' total income saw a 5% increase, climbing to £6.55 billion from £6.26 billion the year before.
The Group's Net Interest Income (NII), excluding the Investment Bank and Head Office, amounted to £2.8 billion, with Barclays UK contributing £1.7 billion to this figure.
Looking forward to fiscal year 2024, Barclays anticipates that Group NII, excluding the Investment Bank and Head Office, will exceed £11.0 billion, a slight increase from its previous estimate of approximately £11 billion.
Specifically, the guidance for Barclays UK's NII has been raised to about £6.5 billion from an earlier forecast of around £6.3 billion.
The company also aims for a Return on Tangible Equity (RoTE) of over 10%, and around 10.5% when excluding inorganic activities.
Further, for fiscal year 2026, Barclays maintains its projection of around £30 billion in Group total income and expects a RoTE exceeding 12%.
Additionally, Barclays plans to return at least £10 billion in capital to shareholders from 2024 through 2026, primarily via dividends and share buybacks, with a preference for the latter.
