Barclays Plc Q3 2023 financial report: An overview

Barclays Plc has unveiled its financial metrics for Q3 2023, which concluded on September 30, 2023. Key figures highlight a profit before tax of £1.9bn and an attributable profit standing at £1.3bn. These figures reflect the bank’s performance amidst dynamic market conditions.

Barclays Plc Q3 2023 Highlights

• Group Performance: Barclays reported a Group RoTE (Return on Tangible Equity) of 11.0% with a year-on-year income decline of 2% to £6.3bn.
• Barclays UK: The income for Barclays UK indicated a 2% decrease, settling at £1.9bn. Factors influencing this were mainly the impact from the transfer of Wealth Management & Investments (WM&I) to Consumer, Cards and Payments (CC&P). However, excluding this transfer, Barclays UK income experienced a 1% rise.
• Corporate and Investment Bank: The CIB income fell by 6% to £3.1bn. This decline is attributed to reduced client activity in Global Markets and Investment Banking fees.
• CC&P: The income for Consumer, Cards and Payments (CC&P) showcased a 9% increase, reaching £1.4bn.
• Operational Costs: Barclays successfully reduced its total operating expenses by 4% year-on-year, bringing it down to £3.9bn.

Barclays Q3 2023 results: Key metrics revealed. Photo courtesy of Matt Brown/Wikimedia Commons.

CET1 Ratio & Risk Weighted Assets

The bank’s CET1 (Common Equity Tier 1) ratio for Q3 2023 was reported to be 14.0%. Additionally, the risk-weighted assets (RWAs) amounted to £341.9bn, and the tangible net asset value (TNAV) per share was 316p.

Barclays Plc CEO’s Statement

C. S. Venkatakrishnan, the Group Chief Executive of Barclays, shared his thoughts on the results: “We delivered an 11.0% RoTE in Q3, against a mixed market backdrop, as we continued to manage credit well, remained disciplined on costs and maintained a strong capital position, with a Common Equity Tier 1 (CET1) ratio of 14.0%. We see further opportunities to enhance returns for shareholders through cost efficiencies and disciplined capital allocation across the Group. We will provide an Investor Update at FY23 results which will include setting out our capital allocation priorities, as well as revised financial targets.”