Barclays has revealed its profits jumped by a quarter last year as the banking giant benefited from a rebound in global investment and deal-making.
It reported a pre-tax profit of £8.1 billion for 2024, a 24% leap from the £6.6 billion profit generated in 2023.
Income for its investment bank soared by 28% over the final quarter of the year amid stronger activity in equity markets and increased deal-making.
The UK bank also enjoyed a boost from taking control of Tesco Bank’s savings, loans and credit cards last year.
But Barclays said growth in the UK was partly offset by mortgage costs starting to come down – which means banks generate less income from offering loans.
It comes after interest rates were cut to 4.5% last week, the lowest level in more than 18 months.
Group chief executive CS Venkatakrishnan, known within the bank as Venkat, said: “In 2024, we met our financial targets, delivering for our customers and clients, with operational and financial performance improvement driven by disciplined execution of the three-year plan.”
