Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

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

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Citywire Scotland: how wealth managers use new tech

Citywire Scotland: how wealth managers use new tech

We caught up with a few wealth managers at our annual event in Gleneagles to find out what technological innovations they are employing across their businesses.

1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Read More
Wealth Manager on Twitter