Barclays Plans to Return at Least £10B Capital Between 2024 and 2026
The company's 2026 targets include "Capital returns: plan to return at least GBP 10B of capital to shareholders between 2024 and 2026, through dividends and share buybacks, with a continued preference for buybacks; Progressive increase in total capital returns versus 2025; Share buybacks announced quarterly; Dividends to be paid semi-annually, including planned GBP 2B dividend for 2026. Income: Group total income of c.GBP 31B; Group NII excluding IB and Head Office greater than GBP 13.5B and Barclays UK NII of GBP 8.1B - GBP 8.3B. Costs: Group cost: income ratio of high 50s in percentage terms. Impairment: expect Group LLR to be around the top of the 50-60bps through the cycle range. Capital: CET1 ratio target range of 13-14%; IB RWAs mid 50s% of Group RWAs; Impact of regulatory change on RWAs in line with our prior guidance of c.GBP 19-26B; c.GBP 3-10B RWAs from Basel 3.1, with implementation expected from 1 January 2027; c.GBP 16B RWAs from USCB moving to an Internal Ratings Based model, subject to portfolio changes and regulatory approval, c.GBP 5B expected on 1 January 2027 with remainder anticipated later in 2027; Expect Pillar 2A capital to reduce upon implementation of Basel 3.1 and USCB IRB."
