Barclays reports Q2 EPS 8.6p vs.6.4p last year

Group RoTE of 11.4% with profit before tax increased to GBP 2B vs. Q222: GBP 1.5B. The prior year includes impacts from the Over-issuance of Securities; GBP 0.8B income gain and GBP 1.1B litigation and conduct charges. Excluding these impacts: Group income, up 6% year-on-year to GBP 6.3B, reflects diverse sources of income across Barclays; Group total operating expenses were GBP 4B, up 2% year-on-year, as inflation and business growth were partially offset by efficiency savings and lower litigation and conduct charges; Credit impairment charges were GBP 0.4B, with a loss loan rate of 37bps; CET1 ratio of 13.8%, based on broadly stable risk weighted assets of GBP 336.9B, and tangible net asset value per share of 291p. C. S. Venkatakrishnan, Group Chief Executive, commented, “We have positioned Barclays carefully for this mixed macroeconomic environment and delivered a consistent performance in the second quarter. Through our diverse sources of income, prudent risk management, and ongoing cost discipline we have again demonstrated the stability and strength of the franchise we have built over many years. This means we are able to distribute increased capital returns to shareholders, while providing targeted support to our customers and clients. Looking forward we are very confident of meeting our targets for the full year.”