Barclays profits jump, lifts performance targets, adds £1bn buyback

(Sharecast News) - UK bank Barclays on Tuesday lifted performance targets after annual profits jumped 13% as it also unveiled a new £1bn buyback.

Pre-tax profit came in at £9.1bn, in line with forecasts, with group income up 9% to £29.1bn.

Barclays is now aiming for a return on tangible equity of more than 14% in 2028, up from previous guidance of greater than 12% in 2026, and capital distributions of greater than £15bn in the next two years.

"As we outline in our plan for the next three years, we will invest further to improve customers' experience and deepen relationships, while harnessing new technology, including AI, to improve efficiency and build segment-leading businesses and drive further growth," said chief executive CS Venkatakrishnan.

Reporting by Frank Prenesti for Sharecast.com