Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 505

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 505
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 and positively impacted credit impairment charges and total operating expenses. The full-year impact of FX was broadly neutral to profits . • Group statutory income increased 6% to £26,788m (2023: £25,378m ) , including the impact of inorganic activity 1 – Excluding the £327m impact of inorganic activity 1 , Group income increased 4% , as higher structural hedge income, higher Investment Banking fees, increased income in Equities and balance growth in USCB were partially offset by mortgage margin compression and adverse product dynamics in deposits in Barclays UK, which have stabilised throughout 2024, as well as lower FICC income • Group total operating expenses decreased to £16,735m (2023: £16,931m ), including the £93m impact of the BoE levy scheme introduced in 2024 – Group operating costs were 3% lower at £16,195m , reflecting £0.8bn lower structural cost actions year-on-year partially offset by inflation, investment spend and business growth, enabled by £1.0bn of cost efficiency savings – 2024 total structural cost actions were £273m (2023: £1,046m) with Q424 structural cost actions of £110m (Q423: £927m) • Credit impairment charges increased to £1,982m (2023: £1,881m ), driven by the £209m charge on the acquisition of Tesco Bank and the anticipated higher delinquencies in US cards, partially offset by the impact of credit risk management actions and methodology enhancements. Total coverage ratio reduced to 1.2% (December 2023: 1.4%) primarily driven by the reclassification of a co-branded cards portfolio in USCB to assets held for sale • The effective tax rate (ETR) was 21.6% (2023: 18.8%) . The 2024 ETR includes tax relief on payments made under Additional Tier 1 (AT1) instruments and on holdings of inflation-linked government bonds. • Attributable profit was £5,316m (2023: £4,274m ) Note: 1 Inorganic activity refers to certain inorganic transactions announced as part of the FY23 Investor Update designed to improve Group RoTE beyond 2024. In FY24 this included the £220m loss on sale of the performing Italian retail mortgage portfolio, the £9m loss on disposal from the German consumer finance business and the £