The illuminated window sign reflects the Barclays headquarters in Canary Wharf, London, UK
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LONDON – Barclays on Thursday reported first-quarter net income attributable to shareholders of 1.55 billion pounds ($1.93 billion), beating expectations and helping the British lender turn a profit amid a crisis. major strategic overhaul.
According to LSEG data, analysts polled by Reuters had expected a net profit available to shareholders of 1.29 billion pounds for the quarter.
Net income for the first quarter of 2023 was $1.78 billion.
Barclays reported net loss of £111 million in the fourth quarter of 2023 due to operational changes aimed at reducing costs and improving efficiency.
That includes a £900m hit from structural cost-cutting measures, which the bank said is expected to result in total cost savings of around £500m by 2024, given the Expected payback is less than two years.
The overhaul saw the reorganization of the business into five operating divisions, separating corporate and investment banking into: Barclays UK, Barclays UK Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays US Consumer Bank.
The bank also pledged to return £10 billion to shareholders between 2024 and 2026 through dividends and share buybacks.
This is breaking news. Please check back for updates.
— CNBC’s Elliot Smith contributed to this report.
