Barclays PLC Sponsored ADR (BCS.US) CEO is confident: this year's profit target is within reach, and plans to return over a hundred billion pounds to shareholders in the coming years.

Barclays PLC Sponsored ADR (BCS.US) CEO CS Venkatakrishnan said that Barclays PLC Sponsored ADR is expected to achieve its profit target for this year, thanks to clients taking full advantage of higher prices and interest rates. Venkatakrishnan said the bank hopes to return at least 10 billion ($13.4 billion) to shareholders in the coming years and is "confident" of surpassing the tangible return on equity target of over 10% for this year. The CEO noted that consumer credit default rates are still low, but considering that the loan loss rate for the UK business at the end of the second quarter was only one basis point, the loan loss rate for its UK business may increase. "From now on, the situation can only improve," Venkatakrishnan added. The UK economy is growing modestly, although the government has warned of taking tough tax measures to address the budget deficit. Venkatakrishnan said that the atmosphere under the new Labour government is favorable for businesses, and he expects next month's investment summit to provide more support for the housing market. "Inflation is slowly being brought under control; obviously price levels are higher than a few years ago," but the trend in unemployment is positive, Venkatakrishan added. He stated that as large European bank transactions are back on the agenda, Barclays is only interested in acquisitions that can enhance its capabilities and scale, similar to the acquisitions of Lehman Brothers bank and Kensington Mortgages in the past few years. Venkatakrishnan added that Barclays would consider "manageable scale transactions, from both a capital utilization and management perspective".