FX.co ★ Barclays Q2 Profit Down, Income Rises; Lifts FY24 Outlook; Plans GBP 750 Mln Buyback

### Barclays Plc Q2 Report: A Close Look at Financial Performance

Barclays Plc (BARC.L, BCS), a prominent British banking institution, announced on Thursday a slight decrease of 1% in its pre-tax profit for the second quarter, recording £1.94 billion compared to £1.96 billion in the same quarter last year.

The bank also reported a 7% decline in attributable profit, which fell to £1.24 billion from £1.33 billion a year prior. Consequently, basic earnings per ordinary share dropped to 8.3 pence from 8.6 pence.

Despite the decrease in profit, the bank’s income for the quarter exhibited a growth of 1%, amounting to £6.324 billion, up from £6.285 billion in the previous year's corresponding period.

In addition, Barclays has declared a half-year dividend of 2.9 pence per share, compared to last year's 2.7 pence per share. The company's board has also confirmed plans to initiate a share buyback scheme worth up to £750 million, set to commence in the third quarter.

Looking forward to fiscal 2024, Barclays has revised its target for Net Interest Income (NII) excluding its Investment Bank and Head Office to around £11.0 billion, an increase from the previously estimated £10.7 billion. Specifically, Barclays UK’s NII guidance has been raised to approximately £6.3 billion, up from the earlier forecast of £6.1 billion.

The company attributes this improved outlook to a higher-than-expected interest rate environment and better deposit dynamics, excluding the acquisition of Tesco Bank, which is expected to be finalized at the beginning of November 2024.

For fiscal 2026, Barclays has set a target for Group total income at around £30 billion.