Company: BCS
Filing Date: 2025-02-13
Form Type: 6-K
Source: 0001654954-25-001446
Chunk: 7

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 6-K
Chunk 7
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 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

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2024 total structural cost actions of £273m (2023: £1,046m) with Q424 structural cost actions of £110m (Q423: £927m)

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**Credit impairment charges were £2.0bn (2023: £1.9bn) with an LLR of 46bps (2023: 46bps), including the £0.2bn day 1 impact from the acquisition of Tesco Bank which had a c.4bps impact to LLR

Q424 Performance highlights:**

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Group statutory RoTE was 7.5% (Q423: (0.9)%) with profit before tax of £1.7bn (Q423: £0.1bn), reflecting seasonal performance, including the impact of the UK bank levy

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Excluding the impact of inorganic activity 1 , Group profit before tax was £1.3bn and Group RoTE was 5.7%

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Group income of £7.0bn was up 24% year-on-year, and 14% year-on-year excluding the £0.6bn impact of inorganic activity

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Barclays UK income increased 46%, primarily reflecting the £0.6bn day 1 gain from the acquisition of Tesco Bank. Excluding the impact of the day 1 gain from the acquisition of Tesco Bank, Barclays UK income increased 15%, driven by higher structural hedge income and stabilising product dynamics

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UKCB income increased 16%, reflecting income from higher average deposit balances and the non-recurrence of liquidity pool adversity in the prior year

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PBWM income increased 12 %, reflecting higher client assets and liabilities balances and higher transactional activity by clients

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IB income increased 28 %, reflecting higher Global Markets and Investment Banking income

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USCB income was broadly stable, reflecting card balance growth offset by strengthening of average GBP against USD

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**Group total operating expenses were £4.6bn, down 7% year-on-year**

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Group operating costs were 10% lower at £4.2bn, reflecting £0.8bn lower structural cost action year-on-year partially offset by inflation, investment spend and business growth, enabled by £0.3bn of cost efficiency savings

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Credit