LONDON (dpa-AFX) - British banking major Barclays Plc (BARC.L, BCS) reported
Thursday that its first-quarter profit before tax fell 12 percent to 2.28
billion pounds from last year's 2.60 billion pounds.

Basic earnings per ordinary share were 10.3 pence, down from 11.3 pence last
year.

Group income of 6.95 billion pounds dropped 4 percent from prior year's 7.24
billion pounds.

The company noted that higher structural hedge income, strong performance in
Equities and balance growth in USCB were more than offset by lower FICC income
in IB, lower inflation linked income as well as adverse product dynamics in
Barclays UK deposits and mortgages.

Looking ahead for fiscal 2024, the company targets RoTE of greater than 10
percent and around 10.5 percent excluding inorganic activity.

Barclays Group net interest income, excluding IB and Head Office, is projected
to be about 10.7 billion poundsn, of which Barclays UK NII of around 6.1 billion
pounds.

For fiscal 2026, the company targets Group total income of around 30 billion
pounds, and greater than 12 percent RoTE.

Barclays plans to return at least 10 billion pounds of capital to shareholders
between 2024 and 2026, through dividends and share buybacks, with a continued
preference for buybacks.

Further, the company now announced the sale of its performing Italian mortgage
book and are investing in its higher returning UK consumer businesses, including
through the expected completion of the Tesco Bank acquisition in the fourth
quarter.

Barclays Bank Ireland PLC intends to dispose of its performing Italian retail
mortgage book currently held in Head Office. It is expected to generate a
pre-tax loss of around 225 million pounds for the year to 31 December 2024.

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