Barclays reports Q1 EPS 10.3p vs. 11.3p last year

Group RoTE was 12.3% with profit before tax of GBP 2.3bn; Group income of GBP 7.0bn down 4% year-on-year, with Group net interest income excluding Barclays Investment Bank and Head Office of GBP 2.7bn, of which Barclays UK NII of GBP 1.5bn. CET1 ratio of 13.5%, in the middle of the target range of 13-14%. C. S. Venkatakrishnan, Group Chief Executive, commented, “In Q124 Barclays delivered a RoTE of 12.3% as we progress towards our targets of greater than10% RoTE in 2024, and greater than12% in 2026. We are focused on disciplined execution of the plan that we presented at our Investor Update on 20th February. We have now announced the sale of our performing Italian mortgage book and are investing in our higher returning UK consumer businesses, including through the expected completion of the Tesco Bank acquisition in Q424. We continue to exercise cost discipline and remain well capitalised with a Common Equity Tier 1 ratio at the end of the quarter of 13.5%.”