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Barclays PLC ADR BCS Stock Quote

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Morningstar‘s Stock Analysis BCS

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Decent Q3 at Barclays With All Segments Contributing Positively

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

Barclays reported third-quarter operating profits before tax of GBP 1,969 million versus a GBP 1,808 million consensus estimate collected by the group itself prior to the release. A GBP 339 million reversal on litigation and conduct charges drove the outperformance. On an underlying basis, performance was decent, nonetheless. Total income grew 9% to GBP 5,951 million versus the same period a year ago on good performances in the U.K. and the cards and payments businesses offsetting the slowing but still well performing corporate and investment bank. The cost-to-income ratio, excluding litigation and conduct charges, worsened to 66% from 63% a year ago on higher operating expenses (up 14%). Inflation, investment spending, and the weakening British pound versus the U.S. dollar were the culprits of the higher operating expense outcome. We maintain our GBX 208 per share fair value estimate and no-moat rating.

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Key Statistics BCS

Company Profile BCS

Business Description

Barclays is a universal bank headquartered in the United Kingdom. It operates via two principal segments; U.K. (38% of profit before tax) and International (62% of PBT). In its U.K. segment, the bank provides current accounts, mortgages, savings and investment management services, credit cards, and business banking services to retail clients and small and medium-size enterprises. The international segment includes a corporate bank offering banking solutions to large corporates, a bulge-bracket global investment bank, and a credit card and payments business. In 2018, Barclays generated roughly 52% of its income from the U.K. and 34% from the United States.

1 Churchill Place
London, E14 5HP, United Kingdom
T +44 2071163170
Industry Banks - Diversified
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 81,600

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