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Barclays PLC on Thursday said all three of its businesses performed well in the first quarter of 2023, with high-quality income growth and double-digit returns. The London-based bank reported pretax profit of £2.60 billion, up 16% from £2.23 billion a year prior. Profit before impairment rose to £3.1 million from £2.4 million a year ago. Total income amounted to £7.24 billion, up 11% from £6.50 billion. Barclays UK income increased 19% due to net interest income growth from ‘higher rates and continued structural hedge income momentum’, the bank explained. This delivered a net interest margin of 3.18%. Barclays’ return on tangible equity was 15.0%, compared with 11.5% in the same quarter a year prior. Its CET1 ratio was 13.6% at the end of March, down from 13.9% at the end of December. Chief Executive C. S. Venkatakrishnan said: ‘All three businesses have performed well with high quality income growth and double-digit returns. The momentum across the group allows us to maintain a robust capital position, deliver attractive returns to shareholders, and support our customers and clients through an uncertain economic environment.’ Looking ahead, the bank said it remains on track to deliver is 2023 targets, with all its performance metrics in line with or ahead of guidance at the first quarter. Shares were up 4.4% at 160.50 pence each on Thursday morning in London. It was the top performer in the FTSE 100 in early morning trade. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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