Barclays Profit Rise Short Of Consensus But Says Transformed

Jon Howard
February 23, 2018

In its fourth-quarter and full-year results, the United Kingdom banking group reported an attributable loss of £1.9bn for 2017, compared with a profit of £1.6bn in 2016.

Admittedly Barclays hit a cost target of £14.2 billion in underlying operating expenses, and a headline minus-3.6% return on tangible equity becomes 5.6% when misconduct and litigation costs and a revaluation of Barclays' US tax assets are stripped out.

"The investigation has been going on for a year and during that course of time I have been focused on running Barclays, I think we've made great progress and I look forward to running Barclays for a number of years to come", Staley told CNBC Thursday morning.

The bank said it had no update on the outcome of a probe by Britain's banking regulators into chief executive Jes Staley's attempts to unmask a whistleblower previous year.

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Campus Police immediately began an investigation of the source and reference as soon as they were made aware of it. Sandwich High School was placed on lockdown Thursday morning as Sandwich police investigated a possible threat.

Mr Staley said the group was already starting to "see some of the benefits of our work" in 2017.

Barclays declared its intention to more than double dividend payouts in 2018 to 6.5p per share after lower costs helped lift profits a year ago - though they were still slightly short of analyst's forecasts. Barclays London-listed shares climbed 4.4% to 211 pence in trading Thursday.

"In addition, the group has re-iterated all of its medium-term financial targets albeit noting that the percentage group effective tax rate will be lower than previously guided as a result of the impact if United States tax reform". And it needs Staley to not get ousted by United Kingdom authorities investigating his attempts to unmask a whistleblower. Meanwhile a far more serious threat looms in the shape of the SFO's investigation into Barclays' 2008 emergency fundraising.

Barclays also announced a restoration of its dividend to 6.5 pence per share for 2018, more than double the last year's full-year dividend of 3 pence.

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