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Barclays reinstates dividend despite £1.9bn loss

Barclays reinstates dividend despite £1.9bn loss

A 10% increase in 2017 core profit to £3.5 billion has failed to drag Barclays back into the black with exceptional costs on the sale of its Africa division and tax changes causing a £1.9 billion loss.

The pre-tax profit was up from £3.2 billion in the prior year but remained well short of the £4.7 billion analysts had forecast. On a post-tax basis the business last year reported a £1.6 billion profit.

Nonetheless, the bank has promised to reinstate the dividend it cancelled two years ago at 6.5p this year, as it sought to restore some of the damage to its reputation with shareholders.

Barclays has been one of the banking sector’s worst performing stocks of the last year.

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

'While we still have a number of legacy conduct issues to address, I am confident in the capacity of this business to generate excess capital going forward, and it remains our intention over time to return a greater proportion of that excess capital to shareholders through dividends and other means of capital distribution, including buybacks.’

The bank did not offer any update on an ongoing probe into Staley’s attempts to identify an anonymous whistleblower within the company


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