Barclays Reports 24% Profit Growth and Sets Higher 2025 Targets

The British bank exceeded expectations for 2024 pretax profit, launched a £1 billion share buyback, and outlined ambitious goals for increased returns and cost reductions.

• Barclays' 2024 pretax profit rose by 24% to £8.11 billion, slightly surpassing analyst forecasts of £8.07 billion.
• The bank announced a £1 billion share buyback as part of its ongoing efforts to enhance shareholder returns.
• Barclays raised its 2025 performance targets, aiming for a return on tangible equity (RoTE) of around 11%, with a goal of exceeding 12% by 2026.
• Investment banking income grew significantly, with equities revenue up 40% and fixed income trading revenue rising 29% in Q4 2024, outperforming key U.S. competitors in these areas.
• The bank continues its strategic overhaul, focusing on cost reductions, domestic lending growth, and absorbing Tesco's retail banking business to strengthen its consumer operations.

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