Barclays swings to £1.9bn loss, investment bank profits tumble

23 February, 2018, 04:56 | Author: Gladys Mathis
  • Barclays chief executive Jes Staley

Barclays PLC showed its confidence in future earnings on Thursday by restoring its full dividend, despite lacklustre investment banking income, restructuring costs and US tax reforms hitting the bank's 2017 bottom line.

Pre-tax profits when exceptional items were excluded rose 10% to £3.54bn despite earnings at its investment bank plunging to £2.1bn, with Barclays blaming the 22% dive on "weak market conditions".

However, weak market conditions for its corporate and investment bank saw profits in the division tumble to £2.1bn a year ago from £2.7bn in 2016.

Profits growth was driven by positive operating jaws, the difference between the rate of revenue growth and that of cost growth, as operating expenses decreased 5% to £15.5bn even including litigation and conduct charges of £1.2bn. Revenue fell 2% to 21 billion pounds ($29.3 billion).

The British bank reported Thursday a loss on its full-year 2017 profits, due in part to the tax overhaul in the US and a weaker dollar.

Carillion collapsed in January with debts estimated at £1.5bn. PPI provisions were £300m lower year-on-year at £0.7bn, which was unchanged from the third quarter. As a result, it saw costs fall by 5% a year ago.

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Barclays CEO Jes Staley has no plans to leave the British bank despite an ongoing investigation on hist treatment of internal whistleblowers.

The results come after Mr Staley recently completed a group-wide restructure, having overseen a mammoth programme to offload non-core businesses in a bid to focus on core United Kingdom and USA operations.

He said: "We have already started to see some of the benefits of our work in 2017". Barclays London-listed shares climbed 4.4% to 211 pence in trading Thursday.

The charge was one of a number of hefty one-off costs contained in Barclays' latest results. Finally, the group notes that CIB Markets income is running ahead of the prior year comparative for the current year-to-date. The FCA was due to publish the results of its investigation last October but is yet to do so.

The U.K. -based bank has been under pressure from investors to return more capital after cutting its dividend in half in 2016.



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