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Business

Barclays takes out insurance policy to meet target

LONDON: Lower revenue and higher costs led to a 15% first-half drop in underlying pre-tax profit. The bank's UK division

Aug 01 2019

LONDON: Lower revenue and higher costs led to a 15% first-half drop in underlying pre-tax profit. The bank's UK division faces tough times and will be less likely to offset dour performances in trading. CEO Jes Staley is pledging more cost cuts to hit a 9% annual return target.

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CONTEXT NEWS

- Barclays on Aug. 1 reported first-half pre-tax profit of 3 billion pounds, an increase of 82% from a year earlier. Excluding litigation and conduct charges, pre-tax profit fell 15%, to 3.1 billion pounds.

- The corporate and investment bank reported a 15% year-on-year drop in pre-tax profit to 1.7 billion pounds and revenue of 5.3 billion pounds, which was down 1% from a year earlier.

- Barclays reported a common equity Tier 1 capital ratio of 13.4% at the end of the second quarter, compared with 13% three months earlier.

- The London-based lender reported an underlying annualised return on tangible equity of 9.4% for the first half of 2019 compared with 11.6% ROTE for the same period in 2018.

- Barclays announced an interim dividend of 3 pence per share, up from 2.5 pence in 2018.

- Barclays shares rose 2.2% to 157 pence by 0730 GMT on Aug. 1.

Copyright Reuters, 2019