...Barclays plc reported a pre-tax profit of GBP2.3 billion (-12% yoy), on revenues down 4% yoy, as strong competition in the UK mortgage and deposit markets have pressured Barclays UK's income, in line with Fitch Ratings' expectations, along with weaker trading activity in the investment bank (IB). Asset quality was broadly stable qoq, in line with the bank's target range, and asset quality stability continues to be an important factor underpinning the group's `A' rating. The results, the first since the bank's strategy update in February, provided further evidence of the need to grow non-IB businesses to improve earnings stability as the group ramps up efforts to deliver on its revised 2026 targets. Barclays delivered GBP200 million of cost savings in 1Q24 (2024 target: GBP1 billion) and sold GBP900 million of US card receivables through a risk transfer agreement as part of its strategy to improve US consumer bank returns....
