Barclays 4Q Pretax Profit Misses Consensus
February 15 2023 - 2:55AM
Dow Jones News
By Elena Vardon
Barclays PLC on Wednesday reported fourth-quarter pretax profit
below market views as it declared a higher total dividend for the
year and said it intends to launch a share buyback.
The U.K. bank posted a pretax profit for the period of 1.31
billion pounds ($1.59 billion) compared with GBP1.43 billion a year
earlier. Pretax profit was expected to reach GBP1.50 billion,
according to a company-compiled consensus.
The FTSE 100-listed lender's net attributable profit fell to
GBP1.04 billion from GBP1.08 billion for the year-earlier period.
Analysts expected it to close the quarter with a net profit of
GBP919 million, according to the consensus.
Total income increased to GBP5.80 billion from GBP5.16 billion
for the fourth quarter of 2021, missing consensus' estimated
GBP6.07 billion. Barclays said net interest income--the difference
between what banks earn on loans and pay clients for
deposits--accounted for GBP2.74 billion of total income, from
GBP2.23 billion last year.
The bank closed the quarter with a common equity Tier 1 ratio--a
key measure of balance-sheet strength--of 13.9%, against consensus'
13.6% and the 13.8% it stood at the end of the third quarter.
The board declared a total dividend of 7.25 pence per share, up
from 6.0 pence for 2021.
Barclays said it intends to launch an up to GBP500 million share
buyback, while analysts had expected a GBP675 million program.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
February 15, 2023 02:40 ET (07:40 GMT)
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