Barclays UK’s mortgage loans and advances stood at £163bn in the first quarter of the year, in line with prior quarter figures.
According to Barclays UK’s latest financial results, this is slightly down on the £166bn reported in the first quarter of last year.
The figure still represents the majority of its loans and advances, which came to £200.8bn in the first quarter, and consist of business banking, Barclaycard and personal loans. These fell 1% year-on-year due to “subdued mortgage lending and lower market demand”.
Another factor cited was “continued repayment of government scheme lending in business banking”.
Barclays UK’s profit before tax for the first quarter came to £705m, which is 6% down on the same period last year.
The firm also reported a credit impairment charge of £58m, which compares to £113m in Q1 last year.
Barclays UK said that this was “consistent with low delinquencies in UK cards, high quality mortgage lending portfolio and the improved macroeconomic outlook”.
C.S. Venkatakrishnan, Barclays group chief executive, said: “In Q124, Barclays delivered a return on tangible equity [RoTE] of 12.3% as we progress towards our targets of >10% RoTE in 2024, and >12% in 2026.
“We are focused on disciplined execution of the plan that we presented at our Investor Update on 20th February. We have now announced the sale of our performing Italian mortgage book and are investing in our higher-returning UK consumer businesses, including through the expected completion of the Tesco Bank acquisition in Q424.
“We continue to exercise cost discipline and remain well-capitalised with a Common Equity Tier 1 [CET1] ratio at the end of the quarter of 13.5%.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
