![\"Barclays](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2021\/10\/Barclays-Glasgow-campus.png\")
Barclays has posted a 13% rise in pre-tax profits as it announced a share buyback of \u00a31 billion and new performance targets.<\/p>\n
The bank reported a profit before tax of \u00a39.1bn, up from \u00a38.1bn in the previous 12 months and broadly in line with than the \u00a39bin average of analysts\u2019 forecasts.<\/p>\n
It said it intended to splash out \u00a315bn through dividends and buybacks between 2026 and 2028 in a bid to secure sustainable high returns. <\/p>\n
Barclays also lifted its key profit target, targeting a return on tangible equity \u2013 a crucial measure that indicates a firm\u2019s profitability relative to shareholder equity \u2013 of greater than 14%. This is up from previous guidance of greater than 12% in 2026.<\/p>\n
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Retail<\/strong><\/p>\n UK retail sales increased by 2.7% year-on-year in January, above the 12-month average of 2.3%, according to the British Retail Consortium.<\/p>\n Chief executive Helen Dickinson said: \u201cA drab December gave way to a brighter January as retail sales picked up pace.<\/p>\n \u201cMany shoppers had held off Christmas spending and waited for the January sales, with the start of the new year showing the strongest growth.<\/p>\n \u201cAnd bargain hunting was not limited to online, with in-store sales showing the highest growth in over six months.\u201d<\/p>\n BP<\/strong><\/p>\n Energy giant BP reported a lower fourth quarter profit of $1.5 billion, down from the previous quarter\u2019s $2.2bn as a result of weaker oil prices.<\/p>\n The underlying replacement cost profit total for 2025 fell to $7.48bn from $8.9bn a year earlier.<\/p>\n Interim chief executive Carol Howle said: \u201c2025 was a year of strong underlying financial results, strong operational performance, and meaningful strategic progress.<\/p>\n \u201cWe have made progress against our four primary targets \u2013 growing cash flow and returns, reducing costs, and strengthening the balance sheet \u2013 but know there is more work to be done, and we are clear on the urgency to deliver.\u201d<\/p>\n \t <\/div>\n
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