Barclays share price rises as it posts £1.9bn loss

Barclays share price rises as it posts £1.9bn loss

Barclays share price rises as it posts £1.9bn loss

Barclays reported a 1.9 billion pound attributable loss, after a 901 million pound tax writedown in the United States and a 2.5 billion pound loss on the sale of Barclays Africa. Adjusted profit before tax and material items increased 23% to £4.5bn, which was shy of the £4.7bn consensus. Pre-tax profit, which stripped out some of the one-off charges, rose 10pc to £3.5bn, up from £3.2bn.

Barclays reported an after-tax loss of £1.9bn for 2017, including a tax charge of £2.2bn, half of which related to the United States as it had previously flagged.

Barclays PLC showed its confidence in future earnings on Thursday by restoring its full dividend, despite lacklustre investment banking income, restructuring costs and USA tax reforms hitting the bank's 2017 bottom line.

The investment bank's income from dealing stocks, bonds and currencies fell 18 percent, the lender said.

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The markets division is part of Barclays Investment Bank, which saw income slide by 22% to £2bn. As a result, it saw costs fall by 5% past year.

Chief executive Jes Staley characterised 2017 as "a year of considerable strategic progress", with the sell down of the shareholding in Barclays Africa, closure of the non-core bank, the creation of the United Kingdom ring-fenced bank and formation of a "service company" to drive operational efficiencies, which altogether means, he said, "in terms of size and structure, we are now the diversified transatlantic consumer and wholesale bank we set out in our strategy in March 2016".

Earlier this month, the Serious Fraud Office charged Barclays Bank PLC with "unlawful financial assistance" related to billions of pounds raised from Qatar in 2008.

Mr Staley himself is being investigated by the Financial Conduct Authority over his handling of a whistleblower, who raised concerns about the recruitment of a senior Barclays executive.

CFO Tushar Morzaria said Barclays had gained market share, with business down in dollar terms by 10% compared with 20% at its biggest USA rivals.

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