0.96% -0.11

Barclays plc ADR (BCS)

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Why is Barclays plc ADR (BCS) Stock down?

We've noticed a 5.17% decline in Barclays plc ADR (BCS) stock during the 2024-01-11 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!

24 Oct, 2023:

Barclays PLC Stock (BCS) dropped by 6.98% from $7.02 to $6.53 in the trading on Tuesday October 24, 2023. The reason why BCS stock down today is due to its Q3 2023 earnings report and lower forward outlook. Barclays announced a better-than-feared decline in quarterly profits, but followed by warning of a weaker net interest margin going forward. The bank also said potential cost-cutting measures could lead to material additional charges in Q4. It seemed to weigh on the stock as did the broader market sell-off, causing BCS stock down today.

Net profit of 1.27 billion British pounds, down 16% Y/Y but slightly above analysts' consensus estimates for 1.18 billion pounds. Profits were hurt by the relative underperformance of Barclays' investment banking segment
2023 net interest margin is expected to be in the range of 3.05% to 3.1%, down from 3.15% previously amid increased competition for savers' deposits as rates have increased.