Barclays Updates 2024 Outlook: Targets Barclays Group NII Excluding Barclays Investment Bank And Head Office Of £11.0bn (prior £10.7B), Expects RoTE Of Greater Than 10% In 2024 And 10.5% Excluding Inorganic Activity
Author: Benzinga Newsdesk | August 01, 2024 03:22am
Group Financial Targets and Outlook: 2024
- Returns: targeting RoTE of greater than 10% and c.10.5% excluding inorganic activity1
- Income: targeting Barclays Group NII excluding IB and Head Office of c.£11.0bn (up from previous target of c.£10.7bn), of which Barclays UK NII of c.£6.3bn (up from previous target of c.£6.1bn)2
- Costs: targeting Group cost: income ratio of c.63%, which includes c.£1bn of gross efficiency savings in 2024
- Impairment: expect an LLR of 50-60bps through the cycle
- Capital: expect to operate within the CET1 ratio target range of 13-14%– c.£16bn of RWAs from regulatory change now expected during Q125 due to USCB moving to Internal Ratings-Based (IRB) models. Capital returns intention remains unchanged
Posted In: BCS