Barclays said that the strong performances in Global Markets and Transaction banking within its CIB business unit have offset the reduced income in Investment Banking and Corporate Lending units
The Barclays tower in London. (Credit: Matt Brown/ Wikimedia Commons)
British banking group Barclays has reported a net profit of £1.03bn for the fourth quarter ended 31 December 2022, a 4% decline compared to £1.07bn for the corresponding quarter of the previous year.
The company reported a total income of £5.8bn for the fourth quarter (Q4) of 2022 a 12% rise compared to £5.2bn for the same period in 2021.
The bank reported total operating expenses of £4bn for Q4 2022, compared to £3.7bn for the corresponding quarter last year.
Its return on average tangible shareholders’ equity (RoTE) for the reported period was 8.9%, which slightly decreased compared to 9% for the same quarter in 2021.
Barclays attributed the increase in its total income to the benefit from FX, with strong performances in Barclays UK and CC&P units.
Also, the bank said that strong performances in Global Markets and Transaction banking within CIB mitigated the reduced income in Investment Banking and Corporate Lending.
Barclays group chief executive C S Venkatakrishnan said: “Barclays performed strongly in 2022. Each business delivered income growth, with Group income up 14%.
“We achieved our RoTE target of over 10%, maintained a strong Common Equity Tier 1 (CET1) capital ratio of 13.9%, and returned capital to shareholders.
“We are cautious about global economic conditions, but continue to see growth opportunities across our businesses through 2023.”
Barclays has reported a net profit of £5.02bn for the full year ended 31 December 2022, a 19% decline compared to £6.2bn for the full year ended 31 December 2021.
The company reported a profit before tax of £7.01bn for the full year 2022, a 14% decrease compared to £8.19bn for the full year 2021
The bank reported total operating expenses of £16.73bn for the full year 2022, compared to £14.65bn for the previous year.
The British bank reported a RoTE of 10.4% for the full year 2022, which decreased compared to 13.1% for the full year 2021.