Barclays Reports 24% Increase in Profits Driven by Global Investment Activity
The UK bank reveals a pre-tax profit of £8.1 billion for 2024, bolstered by a surge in investment banking and the acquisition of Tesco Bank’s financial services.
Barclays PLC has announced a significant increase in its profits for the fiscal year 2024, reporting a pre-tax profit of £8.1 billion, marking a 24% increase from the £6.6 billion earned in 2023. This surge is largely attributed to a rebound in global investment activity and heightened deal-making in financial markets.
The bank's investment banking division experienced a notable income increase of 28% during the final quarter of the year, stimulated by robust activity in equity markets and a rise in mergers and acquisitions.
Additionally, Barclays has benefited from its recent acquisition of Tesco Bank's savings, loans, and credit card services, which contributed to the growth in its overall financial performance.
However, Barclays noted that the growth in the UK market was partially counterbalanced by a reduction in mortgage costs, which has led to a decrease in income generated from loan offerings.
This financial climate follows a series of interest rate adjustments, with the UK central bank recently lowering rates to 4.5%, the lowest level seen in over 18 months.
CS Venkatakrishnan, the bank's group chief executive, commented on the financial results, stating, 'In 2024, we met our financial targets, delivering for our customers and clients, with operational and financial performance improvement driven by disciplined execution of the three-year plan.'
Barclays' performance continues to be closely monitored as financial markets adapt to changing economic conditions both domestically and internationally.
The bank's investment banking division experienced a notable income increase of 28% during the final quarter of the year, stimulated by robust activity in equity markets and a rise in mergers and acquisitions.
Additionally, Barclays has benefited from its recent acquisition of Tesco Bank's savings, loans, and credit card services, which contributed to the growth in its overall financial performance.
However, Barclays noted that the growth in the UK market was partially counterbalanced by a reduction in mortgage costs, which has led to a decrease in income generated from loan offerings.
This financial climate follows a series of interest rate adjustments, with the UK central bank recently lowering rates to 4.5%, the lowest level seen in over 18 months.
CS Venkatakrishnan, the bank's group chief executive, commented on the financial results, stating, 'In 2024, we met our financial targets, delivering for our customers and clients, with operational and financial performance improvement driven by disciplined execution of the three-year plan.'
Barclays' performance continues to be closely monitored as financial markets adapt to changing economic conditions both domestically and internationally.
