MNI BRIEF: EU Will Prioritise Local Firms In Rearming - VDL

MNI: Canada CPI Rise Is Broader Than End Of Sales Tax Break

test headline

MNI China Daily Summary: Tuesday, March 18

MNI BRIEF: China Electricity Demand Up In February

MNI BRIEF: Beijing Industrial Value Added Up In Jan Feb

EZ/UK T-Bill Calendar: Portugal, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: 30-Year Bunds On Offer Wednesday

MNI: US FEB INDUSTRIAL PROD +0.7%; CAP UTIL 78.2%

GERMANY: Handelsblatt Report on Lingering Uncertainties Ahead of Bundestag

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FINANCIALS: Barclays (BACR) Q4 Results

FINANCIALS
Credit BulletsUKCEEMEABullet

Solid results from Barclays alongside firm guidance. Issuance should be limited in 2025, but should see a decent amount of AT1 refinancing. LLR tick up mostly driven by Tesco bank and not expected to reoccur.

  • Barclays UK income £2,615. up 46% on Q4 23 , of which around 30% was the gain on Tesco Bank. The IB provides £2,607m in income, up 28% vs Q4 23.
  • OpEx Down 1% year on year.
  • CET1 declines 0.2% during the quarter. +20bps of capital generation more than offset by dividends (-8bps) RWA increases (-15bps) and the Tesco Bank Acquisition (-21bps)
  • FY LLR 46bps, target 50-60bps through cycle. Q4 LLR jumps to 66bps - highly driven by Tesco Bank. Ex Tesco Bank the LLR only increases 10bps to 47bps, which seems more reasonable.
  • Structural hedge income to peak in 2025, falling away slowly in 2026 and more rapidly thereafter.

Issuance

Keep reading...Show less
312 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Solid results from Barclays alongside firm guidance. Issuance should be limited in 2025, but should see a decent amount of AT1 refinancing. LLR tick up mostly driven by Tesco bank and not expected to reoccur.

  • Barclays UK income £2,615. up 46% on Q4 23 , of which around 30% was the gain on Tesco Bank. The IB provides £2,607m in income, up 28% vs Q4 23.
  • OpEx Down 1% year on year.
  • CET1 declines 0.2% during the quarter. +20bps of capital generation more than offset by dividends (-8bps) RWA increases (-15bps) and the Tesco Bank Acquisition (-21bps)
  • FY LLR 46bps, target 50-60bps through cycle. Q4 LLR jumps to 66bps - highly driven by Tesco Bank. Ex Tesco Bank the LLR only increases 10bps to 47bps, which seems more reasonable.
  • Structural hedge income to peak in 2025, falling away slowly in 2026 and more rapidly thereafter.

Issuance

Keep reading...Show less