Barclays Plc Q1 Pretax Profit Declines; Group Income Up 10%

Barclays Plc (BARC.L,BCS) reported that its first-quarter profit before tax declined to 2.23 billion pounds from 2.40 billion pounds, prior year. Basic earnings per ordinary share was 8.4 pence compared to 9.9 pence. Total income increased to 6.50 billion pounds from 5.90 billion pounds. Barclays UK income increased 5%, for the quarter.

Net operating income increased to 6.35 billion pounds from 5.84 billion pounds, previous year. Net interest income was 2.34 billion pounds, an increase of 26% from last year. Total operating expenses increased to 4.11 billion pounds from 3.58 billion pounds. Costs excluding litigation and conduct increased 1% to 3.59 billion pounds.

Looking forward, Barclays continues to target a RoTE of greater than 10% in 2022. Barclays noted that it remains committed to the share buyback programme.

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