Barclays PLC (NYSE:BCS) Q4 2023 Earnings Call Transcript Q4 2023 Earnings Conference Call February 20, 2024 3:30 AM ET
Company Participants
C.S. Venkatakrishnan - Chief Executive Officer
Anna Cross - Group Finance Director
Adeel Khan - Co-Head of Global Markets, Trading
Denny Nealon - Chief Executive Officer, US Consumer Bank
Vim Maru - Chief Executive Officer, Barclays UK
Conference Call Participants
Alvaro Serrano - Morgan Stanley
Joe Dickerson - Jefferies
Guy Stebbings - BNP Paribas Exane
Ben Toms - RBC Capital Markets
Rohith Chandra-Rajan - Bank of America
Jason Napier - UBS
Raul Sinha - JPMorgan
Ben Toms - RBC
Andrew Coombs - Citi
C.S. Venkatakrishnan
Good morning. Thank you everybody for coming here and welcome to our Full Year 2023 Results Presentation as well as our Investor Update. You could see the agenda for the day on this slide. And so what we will do, we'll just go into the results for 2023 before turning to the broader investor update.
So, as you saw this morning, I'll start with the results announcement with the performance highlights and then I'll hand over to Anna to take us all through the financials.
So, we are delivering against our guidance. So, we achieved -- delivered on all our targets in 2023. And together with our consistently strong capital position throughout this year, what this enabled us to do was to give shareholders a material increase in distributions.
Excluding the Q4 structural cost actions, return on tangible equity was 10.6% for 2023, in line with our target of above 10%. And on the same basis, our cost-to-income ratio who was 63%, in line with our guidance for the low 60s for the full year as well.
As being accretive to future returns, the structural cost actions did not limit our ability to deliver a 37% year-on-year increase in total distributions, which now amounted to £3 billion. This £3 billion number for 2023 included a total dividend of £0.08 per share with the full year amount of the dividend of £0.053 being announced today and as well as a full year buyback of £1 billion, which we expect to start in the coming days, and that's on top of the £750 million at the half year.
Tangible book value per share has increased by £0.36 year-on-year to £0.331. And our CET1 ratio was 13.8%, which is at the top end of our target range, which you will recall is 13% to 14%.