(Il Sole 24 Ore Radiocor) - Milano, 28 apr - UK lender Barclays said that its first quarter pretax profit inched up to 2.8 billion pounds from 2.7 billion a year ago, while the return on tangible equity (RoTE) was 13.5% from 14.0% last year.

Group income rose 6% to 8.2 billion pounds, while net interest income excluding the Investment Bank division and the Head Office was 3.4 billion pounds, up 12%.

Barclays UK income increased 9%, as higher structural hedge income was partially offset by retail deposit dynamics.

Barclays UK Corporate Bank (UKCB) income increased 10%, reflecting higher average deposit and lending balances, and higher structural hedge income. Barclays Private Bank and Wealth Management (PBWM) income was broadly stable, as growth from higher client balances was offset by the impact of deposit mix.

Barclays Investment Bank (IB) income increased 4%, driven by Global Markets and Investment Banking fees partially offset by the strengthening of average pound against the US dollar.

Barclays US Consumer Bank (USCB) income increased 14%, driven by business growth and increased purchase activity, partially offset by the strengthening of average pound against the dollar.

The cost:income ratio improved to 56% and earnings per share (EPS) grew by 8% to 14.1 pence.

Barclays said it plans to start a share buyback of up to 500 million pounds following the completion of the ongoing 1 billion share buyback announced with the release of 2025.

results.

(RADIOCOR) 28-04-26 08:41:43 (0180) 5 NNNN