From CNBC: 2024-04-25 12:00:11

Barclays shares rose nearly 7% after reporting first-quarter net income of £1.55 billion, beating expectations. Pre-tax profits decreased 12% to £2.28 billion. The bank plans to return £10 billion to shareholders. The overhaul resulted in operating divisions and £900 million in cost-cutting measures for 2024.

CEO C.S. Venkatakrishnan stated the results show commitment to overhaul plans, including the acquisition of Tesco Bank. The bank aims for a RoTE of over 10% in 2024 and over 12% in 2026. Analysts see the first-quarter results as a promising start, with Barclays adhering to financial roadmap outlined in 2023.

Read more: Barclays first quarter earnings, swings back to profit amid overhaul