Barclays’ pre-tax profit up 24% in 2024

Barclays reported a 24% rise in pre-tax profit for 2024, slightly above analyst expectations, while also launching a £1bn share buyback program.

Pre-tax profit rose 24% to £8.108bn in 2024, slightly above analysts’ forecast of £8.081bn, according to LSEG.

Barclays has since last year implemented a strategic overhaul to cut costs by £2bn by 2026, boost shareholder returns and stabilize financial returns, and has focused on consumer-related operations and lending, including the absorption of British grocer Tesco’s retail banking business.

The bank has recovered from a three-day technology outage that disrupted payments and transactions at the end of last month, which has since been resolved.