Barclays publishes Q3 2026 results sell-side analyst meeting transcript
BCS•BCS•BCS•BCS•Barclays expects net interest income growth into 2027 and costs of around £18.4 billion that year. The UK banking surcharge increase is expected to add £100 million to 2027 taxes, partly offset by a £75 million benefit in Q4 2026.
At its Q3 2026 sell-side analyst meeting on November 10, Group Finance Director Anna Cross said Barclays expects net interest income growth into 2027, with emerging consensus for Group and UK net interest income broadly appropriate. Costs are expected to be around £18.4 billion in 2027, with investment spending accelerated; the 2028 cost-to-income ratio target remains in the low 50s.
The UK banking surcharge increase should add £100 million to 2027 taxes, partly offset by a £75 million benefit in Q4 2026. Fourth-quarter fixed-income trading conditions remain difficult, though several positioning issues from late Q3 have worked through.
