Barclays Q2 Earnings Report 2023
Posted:Barclay's Q2FY23: The stock sunk by 6.4% as the Bank Expects Tailwinds from net interest margin in the UK
Barclay's reported revenue of £6.3 billion, down 6% from the £6.7 billion reported in June 2022, which included a £758 million impact of over-issuance.
Barclay's posted Q2FY23 Income of £13.5 billion, up 9% YoY reflects diverse sources of income across Barclays on a YoY basis. (Source: Barclays)
The Bank posted operating expenses of £8.1 billion, which grew by 5% YoY. The cost-to-income ratio for Q2FY23 stood at 60%. (Source: Barclays)
The British Lender CET ratio stood at 13.8%, up from 13.6% in the previous quarter. CET Ratio measures the solvency of a bank. (Source: Barclays)
Barclay's reported a net income of £1.3 billion for Q2FY23, up by 24% YoY, despite slower momentum in investment banking. The performance of the British Lender was supported by its domestic division and by the consumer and cards arm. Both segments saw revenues higher in the quarter, up by 14% and 18%, respectively. However, Barclay's said its net interest margin (NIM) a key measure of profitability in the UK would now likely dip by the end of the year below its H1FY23 level of 3.2%, as compared with previous guidance above that level, and was expected to come in at 3.15%. (Source: Reuters)
Barclays announced plans for a share buyback of up to £750 million for H1FY23. (Source: Barclays)
The shares of the bank fell by 5% in early trade. (source: CNBC)
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