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Barclays smashes expectations as it reaps Tesco Bank takeover rewards

The FTSE 100 lender reported a pretax profit of £1.7bn in the fourth quarter, ahead of the £1.62bn expected by analysts

Despite the deceit that took place, her bank - Barclays - denied giving her a refund as they ruled it was not a scam, according to reports.

Barclays has exceeded analyst expectations in its annual results report, following a robust year for its investment banking division and immediate benefits from its acquisition of Tesco Bank.

The FTSE 100 bank posted a pretax profit of £1.7bn in the fourth quarter, surpassing the £1.62bn anticipated by analysts, as reported by .

For the entire year of 2024, the bank reported a profit of £8.1bn, exceeding the expected £8.07bn. This represents a 24 per cent increase from £6.6bn in 2023.

The completion of the Tesco Bank’s retail banking business acquisition on November 1, 2024, contributed to a nine per cent overall rise in the group’s º£½ÇÊÓÆµ income.

This primarily reflects the £0.6bn immediate gain from the takeover, which boosted the pre-tax profit of its º£½ÇÊÓÆµ division by 25 per cent over the past year.

The acquisition involved the transfer of credit cards, unsecured personal loans, deposits, and the associated operating infrastructure to Barclays Bank.

Barclays º£½ÇÊÓÆµ reported a pre-tax profit of £3.58bn for 2024, compared with £2.87bn in 2023.

Tesco bank

Barclays’ investment bank maintained its strong performance throughout the year, with its total income for 2024 reaching £11.85bn, surpassing the £11.7bn analyst estimate.