Saturday, 22 September, 2018

Barclays pulled into the red by PPI claims and Trump tax reforms

The bank delivered full-year results on Thursday Barclays pulled into the red by PPI claims and Trump tax reforms
| 24 February, 2018, 11:55

Barclays fell into the red past year on the sale of its African business, litigation costs and one-off impact from the USA tax reforms, the British banking giant said Thursday.

The group's pre-tax profit, however, rose by 10 percent to £3.54 billion in 2017, and customer deposits increased 2 percent to £193.4 billion.

However, Barclays reported an attributable loss of £1.9bn, after it incurred a £2.5bn loss from the sale of its Africa business, £1.2bn in litigation and £0.9bn in charges from recent United States tax laws.

Barclays has been one of the banking sector's worst performing stocks of the past year.

Barclays has dived to a net loss of £1.9bn for 2017 after a surge in claims for mis-selling payment protection insurance (PPI), US tax reforms, and the cost of exiting Africa pulled it into the red.

Chief executive Jes Staley said: '2017 was a year of considerable progress for Barclays.

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".

He added: "Although we are only seven weeks into the first quarter, and it is too early to offer formal guidance, we are pleased with the start to the year, and in particular in the markets businesses in CIB (corporate investment banking)".

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.

He received a bonus of about 1.07 million pounds ($1.5 million), giving him a total pay package worth about 3.87 million pounds, according to the London-based bank's annual report.

But it gave no update on a Financial Conduct Authority inquiry into Staley over his attempts to unmask a whistleblower who had raised concerns about a Barclays executive.

The bank's annual report also showed that 369 employees earned more than £1 million a year ago, while 11 took home pay deals worth more than £5 million. United Kingdom profits were broadly flat at £1.7bn, with income down 2%.

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