Will resume paying dividends of 1 pence per share: Barclays Bank
LONDON (UK) – Barclays Bank said on Thursday that is annual profit last year dipped by half, which is much less than predicted. Strong performance by its investment bank offset provisions against bad loans from the economic fallout of the coronavirus.
It said it would restart paying dividends of 1 pence per share, as well as returning capital through a 700 million pound ($969.36 million) buyback, after lenders stopped payouts last year following the request of the Bank of England.
The bank reported a profit before tax for 2020 of 3.1 billion pounds ($4.29 billion), which is well above the average estimate of 1.96 billion pounds.
The bank’s profit was boosted by a stellar year for its investment house, which reported strong revenues from its equities and fixed income businesses. This came after customers traded frantically in volatile markets last year.