- Barclays PLC (NYSE:BCS) reported a Q1 2023 total income increase of 11% Y/Y to £7.2 billion on broad-based growth and the benefit of USD appreciation.
- The company witnessed growth in Barclays UK income (+19% Y/Y) and Barclays International (+9% Y/Y).
- Barclays UK benefited from higher net interest income from increased rates and continued structural hedge income momentum, with a net interest margin of 3.18%.
- Operating expenses were flat Y/Y at £4.1 billion, reflecting the business growth, inflation and USD appreciation.
- Credit impairment charges stood at £0.5 billion with a loan loss rate of 52bps, within the company’s guided range of 50 to 60 basis points.
- Attributable profit rose 27% Y/Y to £1.8 billion, with a return on tangible equity of 15.0%.
- Common Equity Tier 1 ratio came in at 13.6% vs 13.8% a year ago.
- At amortised cost, loans and advances stood at £403.5 billion, and deposits were £555.7 billion at the end of Q1 2023.
- BCS paid the 2022 full-year dividend of 5.0p and completed share buyback program worth £0.5 billion on April 14, 2023.
- For 2023, BCS expects loan loss rate of 50-60bps in 2023, return on tangible equity of above 10%, and net interest margin in Barclays UK to be higher than 3.20%.
- The bank expects Common Equity Tier 1 ratio to be within 13%-14% in the medium-term.
- Price Action: BCS shares are trading higher by 6.31% at $8.09 on the last check Thursday.
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