RoTE end March 12.3% (Il Sole 24 Ore Radiocor) - London, 25 Apr - The UK bank Barclays said that in the first quarter attributable net profit fell 13% to 1.550 billion pounds as total income dropped 4% to 6.953 billion.

Total operating expenses were down 2% to 4.175 billion pounds and the profit before impairment contracted 11% to 2.790 billion.

Return on average tangible shareholders' equity (RoTE) dropped to 12.3% at end March from 15.0% year earlier.

The common equity tier 1 ratio slipped to 13.5% from 13.8% three months earlier.

"In Q124 Barclays delivered a RoTE of 12.3% as we progress towards our targets of >10% RoTE in 2024, and >12% in 2026.

We are focused on disciplined execution of the plan that we presented at our Investor Update on 20th February. We have now announced the sale of our performing Italian mortgage book and are investing in our higher returning UK consumer businesses, including through the expected completion of the Tesco Bank acquisition in Q424. We continue to exercise cost discipline and remain well capitalised with a Common Equity Tier 1 (CET1) ratio at the end of the quarter of 13.5%," said the chief executive, C. S. Venkatakrishnan.

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(RADIOCOR) 25-04-24 09:35:41 (0226) 5 NNNN