Barclays targeting RoTE greater than 10% in 2023

Group Targets and Outlook: Returns: targeting RoTE of greater than 10% in 2023, consistent with our medium-term target; Income: diversified income streams continue to position the Group well for the current economic and market environment including higher interest rates. In 2023, Barclays UK Net Interest Margin is now expected to be less than 3.20%, with a current view of around 3.15%. Guidance remains sensitive to product dynamics including the trajectory of deposit balances and further macroeconomic developments; Costs: targeting a cost: income ratio percentage in the low 60s in 2023, investing for growth whilst progressing towards the Group’s medium-term target of below 60%; Impairment: expect an LLR of 50-60bps in 2023, based on the current macroeconomic outlook; Capital: expect to operate within the CET1 ratio medium-term target range of 13-14%; Capital returns: capital distribution policy incorporates a progressive ordinary dividend, supplemented with share buybacks as appropriate.