Barclays has successfully completed the acquisition of Tesco Bank, enhancing its strategic position in the UK banking market while achieving its financial targets for 2024.

Information on the Target

In 2024, Barclays announced significant achievements in its financial operations, successfully completing the first year of its three-year strategic plan aimed at creating a simpler, better, and more balanced bank. The results showcased a robust performance, with a return on tangible equity (RoTE) of 10.5%, aligning perfectly with its annual targets. Total income reached £26.8 billion, reflecting a 6% year-on-year increase, emphasizing the emphasis on both quality and stability in income streams.

Barclays has taken substantial steps in cost control, maintaining a cost-to-income ratio of 62% and realizing £1 billion in gross cost efficiency savings for the year. The Common Equity Tier 1 (CET1) ratio stood at a solid 13.6%, consistent with the targeted range of 13-14%. Additionally, the bank announced £3 billion in capital distributions for 2024, facilitating a return of at least £10 billion to shareholders by 2026, which includes a 5% increase in the dividend per share to 8.4p.

Industry Overview in the UK

The UK banking industry has experienced a transformative period, marked by regulatory changes and technological advancements. With an increasing focus on customer-centric banking, banks are adapting to the growing