Barclays posts pre-tax profits of £3.54bn

Barclays posts pre-tax profits of £3.54bn

It said one-off charges to hit its bottom line included £901m from changes to US corporate tax laws made by US President Donald Trump in December and a previously announced £1.2bn write-down from the sale of Barclays Africa Group.

Barclays has posted an annual loss of £1.9bn and faced a backlash on gender pay after it admitted women in its investment bank unit are paid, on average, nearly half the sum enjoyed by men.

Barclays pledged to boost its dividend on Thursday despite a lackluster performance at its investment bank and below-forecast pretax profits hit by restructuring costs and fresh charges for historic misconduct and compliance failures.

But "weak market conditions" for its corporate and investment bank saw profits in the division tumble to £2.1 billion past year from £2.7 billion in 2016.

"The sharp rise in Barclays' shares today reflects management's optimism on the planned 2018 dividend payment. and the future benefits of further cost cuts and changes in the United States tax laws", said AJ Bell Investment Director Russ Mould.

Chief executive Jes Staley said 2017 had largely been a "year of considerable strategic progress" but admitted work was still needed on gender pay.




"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)".

While he earned 2.35 million pounds in fixed base pay a year ago, Staley's bonus of 1.07 million pounds was down from 1.32 million in 2016 and less than half of the maximum available.

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 also reported setting aside £1.2bn for litigation and conduct, including £700m to cover further costs related to the payment protection insurance scandal.

The bank's annual report also showed that 369 employees earned more than £1 million past year, while 11 took home pay deals worth more than £5 million.

Revenues were £21.1bn and bonuses awarded to staff were flat at £1.5bn.

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