BCS · Barclays PLC

Barclays PLC reported its first quarter 2026 results, delivering a return on equity (RoE) of 11.8% and return on tangible equity (RoTE) of 13.5%, compared to 12.1% and 14.0% respectively in the same quarter last year. Earnings per share increased to 14.1p from 13.0p. The Group net interest income (NII) was £3.7bn, with NII excluding Barclays Investment Bank and Head Office at £3.4bn, of which Barclays UK contributed £2.0bn. The cost:income ratio improved to 56% from 57%, driven by positive operating leverage and £150m in gross cost efficiency savings. The loan loss rate (LLR) was 74bps, including a £0.2bn single name impairment charge in the Investment Bank that added approximately 20bps; management expects the full-year 2026 LLR to be around the top of the 50-60bps through-the-cycle guidance range. The CET1 ratio stood at 14.1% as of March 31, 2026. Barclays announced an intention to initiate a share buyback of up to £500m following completion of the ongoing £1bn buyback announced at FY25 results. The company reiterated its 2026 and 2028 targets, including Group NII guidance of greater than £13.5bn for 2026 and NII excluding IB and Head Office in the range of £8.1-£8.3bn. UK lending grew 5% year-on-year in Q1 2026, with £22bn of the planned £30bn UK RWA growth delivered since 2024. The strong capital position and capital return announcement underscore management's confidence in the outlook.