View more on these topics

Barclays shares rise 3% on profits surge

barclays-building-2012-700x450.jpg

Barclays shares have risen 3 per cent this morning as the UK high street lender reports higher than expected profits results.

In its annual results, published today, the bank reports a sharp rise in pre-tax profit to £3.2bn for 2016 up from £1.1bn in 2015. Profit in the Wealth business rose 2 per cent over the period to 31 December 2016.

The rise in profits led to an increase in its core capital ratio, which rose rose to 12.4 per cent against analysts’ expectations of 11.8 per cent.

Barclays group chief executive officer James Staley says: “The progress on our priorities resulted in organic profit generation which strengthened our CET1 capital ratio by 100 basis points in 2016 to 12.4 per cent. T

“his puts us well on track to meet our end-state target and we are well positioned to absorb headwinds over the next few years. Certain legacy conduct issues remain and we intend to make further progress on them.”

Thanking his colleagues, he adds: “In 2017, we can begin to move on from the restructuring of Barclays, shifting our focus solely to the future, and in particular to how we can generate attractive, sustainable, and distributable returns for our shareholders.”

Revenue at the bank increased 7 per cent to £22bn as the bank continued to cut costs, which fell to £13.4bn from £15bn in 2015. The bank also halved its share dividend to 3p from 6.5p.

Recommended

UK-Currency-Money-Notes-20-GBP-700x450.jpg

Four found guilty in £160m financing scam targeting Barclays

Four men have been found guilty of conspiring to commit fraud and make corrupt payments against lenders Barclays and the UK arm of Belgian bank KBC. At Southwark Crown Court on 7 February Stephen Dartnell and George Alexander of Total Asset Finance, Carl Cumisky of H2O Networks and Simon Mundy of KBC Lease were found […]

barclays-building-2012-700x450.jpg
3

Barclays to launch hybrid advice service

Advisers are concerned banks’ robo-advice plans will see a return to the misselling issues of the past as Barclays explores the launch of a hybrid advice offering. Money Marketing understands Barclays is looking to set up an advice proposition that would include a face-to-face element and an online offering. It is understood the service would […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]

Globe - thumbnail

Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment