28 April 2026
If you are covering Barclays’ latest results, please see the following comment from Will Howlett, financials analyst at Quilter Cheviot:
“Barclays posted a solid, if slightly messy, first quarter, with a strong underlying performance partially obscured by one off issues. Group income rose 6% year on year to £8.2 billion, while profit before tax increased three per cent to £2.8 billion. Pre provision profit came in at £3.6 billion, a small miss versus consensus, although this would have been a modest 2% beat excluding the £105 million motor finance provision booked in the quarter.
“The standout was the Investment Bank where income came in above £4 billion for the first time. This was driven by strength in equities following trading volatility since the outset of the war in Iran, leading to growth of 16% year on year, or 23% in US dollars, as well as firmer investment banking fees which were up 17%.
“Elsewhere, headline impairments of £823 million reflect a sizable single name charge linked to a UK mortgage lender, and modest post model adjustments. As a result, Barclays now expects loan losses towards the top end of the existing 50 to 60 basis point range for 2026, while all other medium term targets were reaffirmed. Even with these headwinds, Barclays delivered a statutory return on tangible equity of 13.5% and announced a further £500 million share buyback.”
