Barclays Quarterly Profits Fall after Restructuring Costs
February 11, 2014 10:20 am
Barclays Bank (BARC.L) reported a sharp fall in adjusted pretax profit showing a 32% drop overall after lower profits and restructuring costs. The company also reported lower adjusted income after falls in head office and investment bank divisions.
The companies fourth quarter results were badly affected by exceptional items including a big hit for regulatory fines and legal costs relating to the series of scandals the company has been involved in. PPI mis-selling provisions were increased from the prior year and the mis-selling of interest rate hedged products to small businesses is now also hurting the company.
Despite this the UK retail and business continued to perform well and highlights include the mortgage business. Net interest income is up 6%
In a statement Chief Executive Antony Jenkins said: ”Despite challenging conditions, our underlying performance has been resilient and momentum is building, as evidenced by the results we are reporting this morning…[] While we have more work to do to achieve our goal of becoming the Go-To bank, I believe that we begin 2014 in a better position than we have been for many years”
A final dividend for 2013 of 3.5p per share will be paid on March 28th, resulting in a total 6.5p dividend per share for the year. Total dividends paid to ordinary shareholders came to £859m, up from £733m in 2012.
Barclays Bank (BARC.L) reported a sharp fall in adjusted pretax profit showing a 32% drop overall after lower profits and restructuring costs. The company also reported lower adjusted income after falls in head office and investment bank divisions.
The companies fourth quarter results were badly affected by exceptional items including a big hit for regulatory fines and legal costs relating to the series of scandals the company has been involved in. PPI mis-selling provisions were increased from the prior year and the mis-selling of interest rate hedged products to small businesses is now also hurting the company.
Despite this the UK retail and business continued to perform well and highlights include the mortgage business. Net interest income is up 6%
In a statement Chief Executive Antony Jenkins said: ”Despite challenging conditions, our underlying performance has been resilient and momentum is building, as evidenced by the results we are reporting this morning…[] While we have more work to do to achieve our goal of becoming the Go-To bank, I believe that we begin 2014 in a better position than we have been for many years”
A final dividend for 2013 of 3.5p per share will be paid on March 28th, resulting in a total 6.5p dividend per share for the year. Total dividends paid to ordinary shareholders came to £859m, up from £733m in 2012.
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