Group profit before tax increased 19% to £3,448m driven by a £932m reduction in operating expenses, primarily reflecting lower litigation and conduct and Non Core costs. Income reduced £405m due to the non-recurrence of the £615m gain on disposal of Barclays? share of Visa Europe Limited in 2016

 

• Barclays UK RoTE of 9.4% (Q316 YTD: 6.9%), with a 12% increase in profit before tax to £1,295m driven by reduced impairment and a lower cost: income ratio of 66% (Q316 YTD: 67%), including lower charges for PPI of £700m (Q316 YTD: £1,000m). Net interest income remained in line at £4,546m (Q316 YTD: £4,546m)
• Barclays International RoTE of 10.0% (Q316 YTD: 12.9%) on profit before tax of £3,269m (Q316 YTD: £3,838m).
• Income decreased 3%, with an increase in Consumer, Cards and Payments more than offset by a decrease in the Corporate and Investment Bank (CIB), largely as a result of weak market conditions in Q317, while operating expenses increased 4% and credit impairment increased 21%

Group attributable loss of £628m (Q316 YTD: profit of £1,524m) included a loss after tax in respect of the discontinued operation of £2,195m reflecting an impairment of Barclays? holding in BAGL of £1,090m and a loss on the sale of 33.7% of BAGL?s issued share capital of £1,435m, primarily due to recycling of currency translation reserve losses to the income statement

 

Group basic loss per share of 3.0p (Q316 YTD: earnings per share of 9.6p). Excluding the loss on the sale of 33.7% of BAGL?s issued share capital, the impairment of Barclays? holding in BAGL and charges for PPI of £700m, earnings per share was 15.5p

 

Tangible net asset value per share decreased to 281p (December 2016: 290p) as profit from continuing operations was offset by decreases across reserves 

 

Re-disseminated by The Asian Bank