Company: BCS
Filing Date: 2025-02-13
Form Type: 6-K
Source: 0001654954-25-001446
Chunk: 10

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 6-K
Chunk 10
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 performing Italian retail mortgage portfolio, the   
 £9m loss on disposal from the German consumer finance business     
 and the £26m loss on sale of the non-performing Italian retail     
 mortgage portfolio. This was offset by the day 1 net profit before 
 tax of £347m from the acquisition of Tesco Bank which              
 completed 1 November 2024.                                         |

#### Group Finance Director's Review

#### 2024 Group performance
#### ●

**Barclays delivered a profit before tax of £8,108m (2023: £6,557m), RoTE of 10.5% (2023: 9.0%) and EPS of 36.0p (2023: 27.7p)**

●

The Group has a diverse income profile across businesses and geographies including a significant presence in the US. The appreciation of average GBP against USD negatively impacted income 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, 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