The British financial institution stated it could resume paying dividends of 1 pence per share, as properly as returning capital through a 700 million pound ($969.36 million) buyback, after lenders halted payouts final 12 months on the request of the Bank of England.
Barclays reported a profit earlier than tax for 2020 of three.1 billion kilos ($4.29 billion), properly above the typical estimate of 1.96 billion kilos from analysts’ forecasts compiled by the financial institution.
Barclays’ profit was bolstered by a stellar 12 months for its funding financial institution, which in frequent with U.S. friends reported robust revenues from its equities and stuck revenue companies as clients traded frantically in risky markets in 2020.
The fastened revenue, currencies and commodities unit reported a 53% enhance in revenue, as swings in international rates of interest and costs of commodities such as oil drove exercise.
Equities noticed a 31% rise in revenue whereas banking charges rose by 8%.
Wall Street banks such as Goldman Sachs and Morgan Stanley additionally noticed fourth-quarter earnings sail previous analysts’ estimates, as coronavirus-induced volatility coupled with the impression of the U.S. elections boosted buying and selling.
Barclays noticed impairments from dangerous mortgage provisions associated to the pandemic dip to 492 million kilos within the fourth quarter, giving a full 12 months complete of 4.8 billion kilos.