Barclays Q2 Profit Down, Income Rises; Lifts FY24 Outlook; Plans GBP 750 Mln Buyback

(RTTNews) - British banking major Barclays Plc (BARC.L, BCS) reported Thursday that its second-quarter profit before tax dropped 1 percent to 1.94 billion pounds from last year's 1.96 billion pounds.

Attributable profit declined 7 percent to 1.24 billion pounds from 1.33 billion pounds a year earlier. Basic earnings per ordinary share fell to 8.3 pence from last year's 8.6 pence.

Income for the quarter, however, grew 1 percent to 6.324 billion pounds from 6.285 billion pounds last year.

Further, the company announced a half-year dividend of 2.9 pence per share, up from 2.7 pence per share last year.

The Directors also confirmed their intention to initiate a share buyback of up to 750 million pounds, expected to commence in the third quarter.

Looking ahead for fiscal 2024, the company now expects Barclays Group Net Interest Income or NII excluding Investment Bank and Head Office of around 11.0 billion pounds, higher than previous estimate of 10.7 billion pounds.

Within this, Barclays UK NII guidance increased to around 6.3 billion pounds, higher than around 6.1 billion pounds expected earlier.

According to the company, the increase in outlook is driven by the higher than expected interest rate environment and improving deposit dynamics and excludes the Tesco Bank acquisition, which is expected to complete at the beginning of November 2024

Further, for fiscal 2026, the company targets Group total income of around 30 billion pounds.

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