Barclays targets £6.4bn extra revenue by 2013

Barclays Bank unveiled plans to increase annual revenue by as much as £6.4bn in the next two years in an attempt to increase shareholder returns, CEO Bob Diamond said late on Wednesday.

In a statement Barclays outlined plans to make an additional income of between £4.3bn and £6.4bn by 2013, which would mean a 20 percent increase from its £31.4bn income in 2010.

Barclays said it plans to stick to its target for a return on equity of 13 percent despite the UK governments’ capital restrictions on the banking sector.

Its CEO of retail and business banking, Antony Jenkins, said: “The plan we are presenting is about execution and organic growth. With our stock, where it is, we don’t have a currency for significant deals, but we will of course look at in-fill transactions.”