Progress Update 2024

Sunrise over cityscape with Barclays logo overlaid

Update from Group CEO, C.S.Venkatakrishnan

Venkat updates on the progress Barclays made in 2024 against its three-year plan.

Slides PDF (1.1MB)

A UK-centred leader in global finance

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We are unlocking UK growth

  • Bank around a quarter of UK corporates1 and c.1m SMEs, helping them to grow through our £22bn Business Prosperity Fund
  • Over 20 million UK retail customers
  • Process over 40% of the UK’s credit and debit card transactions
  • Help 331,000 customers access investments through our Smart Investor platform
  • Euromoney ‘Best Investment Bank in the UK’ 20242
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We are rooted in the US economy

  • Playing a leading role in the US economy for over 175 years
  • Facilitated over $1.8 trillion in funding to businesses in the US through the global equity and debt markets in 2024
  • A leader in the US Municipal Finance Market, with more than $19bn in issuance in 2024
  • A primary dealer of US treasuries
  • More than 20 million retail customers and partnerships with 20 of America’s leading brands, including XBOX, GAP and General Motors
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With a network across Europe, Asia and the Middle East

  • With 26 offices across Europe, APAC and the Middle East, alongside our presence in the UK, US and the Americas, Barclays Investment Bank provides comprehensive international coverage for our clients
  • Our Private Banking International business serves high and ultra-high net worth clients in 7 locations throughout Europe, Middle East and Asia

2024 financial targets

Group RoTE of 10.5%

2024 target:  RoTE of greater than 10%

Full year 2024 income of £26.8bn, up 6% on 2023

 

Group cost to income ratio 62%

2024 target: c.63% in 2024

Distributed £3.0bn of
capital to shareholders

2024 target: Capital distributions broadly
line with 2023

CET1 ratio
of 13.6%

2024 target: 13-14% target range
 

IB RWAs 56% of Group RWA allocation, down from 58% in 2023


 

We have provided additional guidance for 2025

Group RoTE
of c.11% in 2025

2026 target:
Group RoTE in excess of 12%

Group NII of c.£12.2bn3 in 2025,
of which c.£7.4bn is from Barclays UK

2026 target:
Group total income of c.£30bn

Improve Group cost
to income ratio to c.61%

2026 target:
CIR in high 50s%

A progressive increase in total
capital distributions versus £3bn in 20244

2026 target:
Total capital distributions of at least £10bn between 2024-20264

CET1 ratio
of 13-14%

2026 target:
CET1 ratio of 13-14%
 

Continue to reduce IB RWAs
as a proportion of Group RWA allocation

2026 target:
IB RWAs c.50% of Group RWA allocation
 

1 Clients defined as any relationship from which we generate >£10,000 income per annum from our existing product set. UK Corporates defined as the stock of companies (group entities considered together) with annual turnover of >£6.5m. Includes clients across UK Corporate and the International Corporate Bank within the Investment Bank
2 https://www.euromoney.com/article/2di4eo7eze9xv34exr2td/awards/awards-for-excellence/awards-for-excellence-best-investment-bank-in-the-uk-barclays
3 Excluding Investment Bank and Head Office
4 Subject to supervisory and Board approval, anticipated financial performance and our published CET1 ratio target range of 13-14%

Note: Our targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and are subject to change
 

Our three-year plan

Sunrise of London with Barclays logo overlaid

In February 2024, Group CEO, C.S. Venkatakrishnan outlined a plan to improve our operational and financial performance, and improve total shareholder returns.