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Barclays Initial Reaction: Beat On Loan Losses

FINANCIALS

Barclays 1Q24 results headlines look inline on revenues (though FICC failed to perform as strongly as some US peers) with better loan losses driving a profit beat:


  • CET1 is 13.5% (inline with ests)
  • Loan losses are lower than consensus (513m vs. 567 est.)
  • BARCLAYS STILL SEES FY CET1 RATIO 13% TO 14%, EST. 13.5%
  • BARCLAYS 1Q PRETAX PROFIT GBP2.28B, EST. GBP2.13B
  • BARCLAYS 1Q INVESTMENT BANK REV. GBP3.33B, EST. GBP3.35B
  • BARCLAYS 1Q FICC REV. GBP1.40B, EST. GBP1.52B
  • BARCLAYS 1Q EQUITIES REV. GBP883M, EST. GBP669.1M
  • BARCLAYS 1Q NET INTEREST INCOME GBP3.07B, EST. GBP3.07B
  • BARCLAYS STILL SEES FY LOAN-LOSS RATE 0.5% TO 0.6%, EST. 0.52%

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