Barclays reinstates dividend despite £1.9bn loss

Barclays reinstates dividend despite £1.9bn loss

Barclays reinstates dividend despite £1.9bn loss

Shares in Barclays rose 4 per cent as the bank announced a 3p per share dividend and announced it would more than double the payout next year, with aims to pay 6.5p a share.

In its fourth-quarter and full-year results, the United Kingdom banking group reported an attributable loss of £1.9bn for 2017, compared with a profit of £1.6bn in 2016.

Group total income dipped by 2% to GBP21.08 billion for 2017 from GBP21.45 billion for 2016. PPI provisions were £300m lower year-on-year at £0.7bn, which was unchanged from the third quarter. Excluding material one-off items, the RoTE was 5.6%, which management want to increasing to at least 9% in 2019 and 10% in 2020.

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Despite this chief executive Jes Staley, who hailed a year of "considerable strategic progress", collected a salary of £2.35m in 2017, the same as the previous year.

Mr Staley said the group was already starting to "see some of the benefits of our work" in 2017.

The results come after Mr Staley recently completed a group-wide restructure, having overseen a mammoth programme to offload non-core businesses in a bid to focus on core United Kingdom and USA operations. Finally, the group notes that CIB Markets income is running ahead of the prior year comparative for the current year-to-date.

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Barclays pay committee will keep Staley's 2016 "variable remuneration under review pending the outcome of the investigation relating to his involvement in a whistle-blowing matter", it said. Meanwhile a far more serious threat looms in the shape of the SFO's investigation into Barclays' 2008 emergency fundraising.

Barclays has been one of the banking sector's worst performing stocks of the a year ago. But it will definitely require better from the misfiring investment bank, which made a pathetic 1.1% return on tangible equity thanks largely to a 29% year-on-year drop in trading revenue.

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