Barclays reports ‘stable’ Q1 wealth management income

Barclays has reported that income in its private bank and wealth management division (PBWM) totalled £347m in Q1, a 1% dip compared to the same quarter last year.

The bank said that growth from higher client balances was offset by the impact of deposit mix across the quarter.

Barclays, announcing its Q1 results which covered the three-month period to 31 March, also revealed that its PBWM business delivered a return on tangible equity (RoTE) of 25.5%, compared to 34.5% in the same quarter last year.

The group said the figure reflected higher costs from accelerated investment to support future growth and efficiency ambitions, and a lower credit impairment release.

Across the entire bank in Q1, Barclays reported a pre-tax profit of £2.8bn for the quarter and a 13.5% RoTE, while also announcing a £500m buyback and reiterating all its 2026 and 2028 targets.

“Barclays delivered another solid quarter with a 13.5% RoTE in Q1, and double-digit returns in all our businesses,” Barclays chief executive, C. S. Venkatakrishnan, said.

“The breadth and quality of our businesses mean we remain confident in delivering all our financial targets across a range of environments.”

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