BARC Barclays Plc

By Elena Vardon

Barclays shares stumble to the bottom of London's blue-chip index after the British lender warned on restructuring charges in the fourth-quarter and trimmed net interest margin guidance for its U.K. division.

At 0906 GMT, shares were down 6.84 pence, or 4.75%, to 137.20 pence, their lowest price since late March, having fallen as low as 131.5 pence earlier in the session.

The bank said it could potentially book one-off material costs in the fourth-quarter from measures aimed at cutting structural costs, which it expects to help drive future returns. An update on cost efficiencies, disciplined capital allocation and revised financial targets will be set out at full-year results in February, it added.

Excluding the charges, the group continues to target a return on tangible equity of around 10% for the full year.

Barclays also lowered its net interest margin expectation for Barclays UK to between 3.05% to 3.10%, from a view of around 3.15% previously. For the third quarter, it posted a margin of 3.04%, down from 3.22% in the second quarter.

"We would expect NIM to step back a little in 4Q," company executives said in a call with analysts.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

October 24, 2023 05:22 ET (09:22 GMT)

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