Barclays Q3 Results

24 October 2018

Barclays has published its Q3 2018 Results.

Jes Staley, Group CEO said: “I am pleased to report another quarter which demonstrates that we are firmly on track to produce improved returns for shareholders as our strategy continues to deliver.  

Our Group RoTE for the nine months of 11.1%, and 10.2% in the third quarter, excluding litigation and conduct, demonstrates we are well placed to meet our targets of a greater than 9% Group RoTE for 2019, and greater than 10% for 2020, based on a CET1 ratio of c.13%.

Earnings per share (EPS) of 6.6p, delivered in this quarter brings our year-to-date EPS to 21.6p excluding litigation and conduct. Year to date profits before tax, excluding litigation and conduct, increased 23% to £5.3bn, and in the quarter, Group PBT increased 32% to £1.6bn. Both Barclays UK and Barclays International delivered double digit returns for the nine months.

During the third quarter our Corporate and Investment bank outperformed peers again in Markets, with a 19% increase in income, and, in Banking, while we saw a dip in income, we have seen strong completion activity in October. Barclays was advisor on three of the largest M&A transactions executed in the period. Barclays UK PBT, excluding litigation and conduct, grew 18% in Q3 to £794m, on revenues up 2% to £1.9bn compared with last year, resulting in positive jaws of 1%.

Having completed the restructuring of Barclays in 2017, our transatlantic consumer and wholesale bank is now delivering. We are prudently managing risk and our balance sheet, and benefitting from our diversified model with earnings resilience.

Our performance means we are also able to maintain a strong capital position, posting a 13.2% CET1 ratio as at the end of September, as well as investing in growth for the future.

It remains our intention to pay a dividend for 2018 of 6.5p, and I am particularly pleased that the Prudential Regulatory Authority has granted us permission to call the outstanding retail dollar preference shares dating from 2008. This will drive a reduction in financing costs and further demonstrates confidence in the strength of our capital position today, as well as our capital generating capacity going forward.

In spite of macro-economic uncertainty, and particularly concerns over Brexit which weigh heavily on market sentiment, 2018 is proving to be a year of delivery on our strategy at Barclays. We remain focussed on generating improved returns, and on distributing a greater proportion of excess capital to shareholders over time.”

Explore our results