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Barclays sees 38% lower annual earnings, resumes dividend payouts

Barclays sees 38% lower annual earnings, resumes dividend payouts

Mubasher: Barclays logged a profit of £1.53 billion ($2.11 billion) in 2020, down by 38% from 2019 but outstripping analyst expectations, CNBC reported on Thursday.

The British lender generated a fourth-quarter net profit attributable to shareholders of £220 million, despite the UK navigating fresh nationwide lockdown measures amid a resurgence of coronavirus.

Strong performance in the corporate and investment bank, which saw full-year income rise by 22% to £12.5 billion, offset a sharp incline in impairment charges.

Analysts polled by Refinitiv had forecasted a net loss of £44.88 million for the fourth quarter, bringing about full-year net earnings of £1.22 billion.

Barclays, moreover, said it would resume dividend payments to shareholders of one pence per share and embark on a £700 million share buyback.