Barclays Bank (BARC)

[idpickering]

Ian,

Thank you for reporting your own post. I don't think slander or libel are issues here. That said, it's not particularly relevant: he is by now very much the former CEO, and the sums involved are minuscule in terms of Barclays' overall finances.

MDW1954

Thanks for your input Malcolm, and for clarifying the matter. For me, better safe than sorry, and I wanted to protect TLF too.

Ian.

[idpickering]

Q3 2023 Results Announcement.

Performance Highlights

Barclays delivered return on tangible equity (RoTE) of 11.0% in Q323 and 12.5% in Q323 YTD

C. S. Venkatakrishnan, Group Chief Executive, commented

"We delivered an 11.0% RoTE in Q3, against a mixed market backdrop, as we continued to manage credit well, remained disciplined on costs and maintained a strong capital position, with a Common Equity Tier 1 (CET1) ratio of 14.0%. We see further opportunities to enhance returns for shareholders through cost efficiencies and disciplined capital allocation across the Group. We will provide an Investor Update at FY23 results which will include setting out our capital allocation priorities, as well as revised financial targets"

Q323 Group RoTE of 11.0% and Q323 YTD of 12.5%. Barclays UK Q323 RoTE of 21.0% and Q323 YTD of 20.6%

Prudent risk management with Q323 YTD loan loss rate (LLR) of 43bps

Strong balance sheet with CET1 ratio of 14.0%

c.7.5p total distributions per share announced at H123: dividend of 2.7p now paid, and completed the share buyback of £750m

https://www.investegate.co.uk/announcem ... ts/7834556

Ian (No holding).

[idpickering]

Transaction in Own Shares & Completion of Buyback.

https://www.investegate.co.uk/announcem ... ck/7834568

Ian.

[idpickering]

Acquisition of Tesco's retail banking business

Barclays PLC ("Barclays") announces that Barclays Bank UK PLC ("Barclays UK") has entered into an agreement with Tesco Personal Finance plc (operating using the trading name "Tesco Bank") to acquire the retail banking business of Tesco Bank, which includes credit cards, unsecured personal loans, deposits and the operating infrastructure. Additionally, Barclays UK will enter into a long-term, exclusive strategic partnership with Tesco Stores Limited for an initial period of 10 years to market and distribute credit cards, unsecured personal loans and deposits using the Tesco brand, as well as explore other opportunities to offer financial services to Tesco customers.

Partnering with Tesco PLC ("Tesco"), the UK's largest retailer which also operates the UK's largest loyalty scheme, represents a key opportunity to further our UK retail banking strategic ambitions. Barclays UK will market Tesco-branded credit cards, unsecured personal loans and deposits to customers through Tesco's distribution channels as well as on the open market. The acquired customer base will complement Barclays UK's current business, as well as build on the existing UK strategic partnerships with other leading retail, consumer electronics and loyalty programme brands.

https://www.investegate.co.uk/announcem ... ss/8029951

Ian (I hold TSCO).

[idpickering]

2023 Results Announcement

In 2023 Barclays delivered a return on tangible equity (RoTE) of 10.6% excluding Q423 structural cost actions1, with total capital distributions of £3.0bn2, equivalent to c.19.4p per share

And later;

Dividends

It is Barclays' policy to declare and pay dividends on a semi-annual basis. The 2023 full year dividend of 5.3p per ordinary share will be paid on 3 April 2024 to the shareholders on the Share Register on 1 March 2024. A half year dividend for 2023 of 2.7p (H122: 2.25p) per ordinary share was paid on 15 September 2023.

https://www.investegate.co.uk/announcem ... nt/8045477

Ian (No holding).

[idpickering]

New operating divisions and management

https://www.investegate.co.uk/announcem ... nt/8045519

Ian.

[ADrunkenMarcus]

It seems sensible to prioritise share buybacks, given the discount to NAV the shares trade at. If that persists, they will be able to reduce the share count significantly over the coming years, perhaps even to the point where they get it back to before the 2013 rights issue or the 2008 dilution(s).

Best wishes


Mark

[monabri]

https://www.telegraph.co.uk/money/consu ... ng-claims/

'"Barclays launches challenge against car finance mis-selling claim

Bank disagrees with FOS conclusion of unfair commission practice"

"Barclays has launched a legal challenge over a ruling that it unfairly paid commission to a car finance broker. Thousands of drivers could be entitled to payments over fear that motorists paid billions of pounds more than necessary to dealers and brokers for mis-sold car finance. Consumer experts have said the total compensation bill could be similar to the PPI scandal.


( I do not have confirmation of this...I've had a look on "Investegate" and on Barclays website. )


In addition, the article mentions " A Lloyds Banking Group spokesman confirmed to the Telegraph that it is reviewing its own case against the FOS. "

( as one might expect them to!)