BCS · Barclays PLC

Barclays PLC delivered a solid first quarter 2026, demonstrating resilience despite a one-off single name impairment charge in the Investment Bank. The Group achieved a profit before tax of £2.8bn, up from £2.7bn in the prior year period, translating to a Return on Tangible Equity (RoTE) of 13.5%. Top-line growth was a key driver, with total Group income rising 6% year-on-year to £8.2bn. This growth was broad-based, highlighted by the Investment Bank generating over £4bn in quarterly income for the first time and a 14% income increase in the US Consumer Bank. Operational efficiency improved, with the cost: income ratio tightening to 56% from 57%, supported by approximately £150m in gross cost efficiency savings. Credit impairment charges increased to £0.8bn, resulting in a loan loss rate of 74bps, largely impacted by a £0.2bn single name charge in the Investment Bank. Consequently, management expects the full-year 2026 loan loss rate to trend towards the top end of the 50-60bps guidance range. The capital position remains robust with a CET1 ratio of 14.1%, allowing the Board to announce a new £500m share buyback program. Management expressed confidence in delivering on the 2026 targets of greater than 12% RoTE and the 2028 target of greater than 14% RoTE, supported by strong business momentum and disciplined capital allocation.