Barclays numbs news of 2017 loss with dividend promise

Barclays numbs news of 2017 loss with dividend promise

While Barclays made an attributable loss on nearly £2 billion, pre-tax profits rose strongly, increasing by 10% from the previous year to £3.5 billion.

The FTSE 100 bank posted a £1.9bn attributable loss for the full year, as it reeled from the effects of one-off tax charges of £900m relating to the United States tax reform and £2.5bn disposal charges from the sale of its South African banking arm.

"The investigation has been going on for a year and during that course of time I have been focused on running Barclays, I think we've made great progress and I look forward to running Barclays for a number of years to come", Staley told CNBC Thursday morning.

Pre-tax profits when exceptional items were excluded rose 10% to £3.54bn during 2017 despite earnings at its investment bank plunging to £2.1bn, with Barclays blaming the 22% dive on "weak market conditions".

Barclays posted an attributed loss of £1.9bn for the year against a profit of £1.6bn in 2016 after taking a previously announced £1.2bn writedown from the sale of Barclays Africa Group.

The lender said the loss resulted from £1.2 billion in litigation costs, a loss of £2.5 billion related to the sale of Barclays Africa Group Limited and a one-off USA tax charge of £900 million.

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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 U.S. operations.

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

Its shares ended the day 4.4% higher as the bank said it was aiming to more than double its dividend for 2018 to 6.5p per share.

He received a bonus of about 1.07 million pounds ($1.5 million), giving him a total pay package worth about 3.87 million pounds, according to the London-based bank's annual report.

The Financial Conduct Authority and the Prudential Regulation Authority are investigating the American's conduct relating to the incident in 2016. United Kingdom profits were broadly flat at £1.7bn, with income down 2%.

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