Barclays reported attributable net income of GBP 1.56 billion for the third quarter of 2024, a 23% increase on the same period a year earlier, as stronger performance in its investment bank, higher structural hedge income and lower impairments drove the increase. Total income rose 5% year-on-year to GBP 6.5 billion, pre-tax profit climbed 18% to GBP 2.2 billion, and the bank raised its full-year guidance for net interest income excluding the investment bank and head office to above GBP 11 billion.
The return on tangible equity came in at 12.3% for the quarter. The results were published on 24 October 2024. Barclays delivered GBP 300 million of cost savings during the quarter.
NET INTEREST INCOME AND INVESTMENT BANK CONTRIBUTION
Net interest income excluding the investment bank and head office was GBP 2.8 billion in the quarter, of which Barclays UK contributed GBP 1.7 billion, and Barclays UK NII guidance was raised to about GBP 6.5 billion from about GBP 6.3 billion.
In the investment bank, Investment Banking income was up 13% on higher advisory and debt capital markets fees and Global Markets income up 3%.
CAPITAL AND SHAREHOLDER RETURNS
The Common Equity Tier 1 capital ratio stood at 13.8% at the end of the third quarter. A GBP 750 million share buyback was ongoing at the time of the results announcement, and tangible net asset value per share stood at 351 pence.