Net profit group share was 6.4 billion pounds, compared to 1.5 billion in 2020, thanks in particular to a reversal of provisions for unpaid debts of 653 million pounds, which compares to a charge of 4, 8 billion a year earlier.
British bank Barclays saw its net profit quadruple in 2021, driven by “an improving macroeconomic outlook” following massive write-downs related to the pandemic a year earlier, it announced on Wednesday.
Net profit group share was 6.4 billion pounds (8.0 billion francs), compared to 1.5 billion in 2020, thanks in particular to a reversal of provisions for unpaid debts of 653 million pounds, which compares to a charge of 4.8 billion a year earlier.
Turnover was stable at 21.9 billion pounds. The bank notes “solid growth in UK home loans and deposits” and a “positive trend in consumer spending and payment volumes in the UK and US”.
At the same time, “operating expenses remained stable” as cost reductions “were reinvested to drive revenue growth,” the bank said in a statement.
Thanks to these results, Barclays increases distributions to shareholders, with a dividend of 6 pence per share (multiplied by six in one year) and a new share buy-back program of one billion pounds, which is added to the 500 million already announced.
Thanks to the economic situation which continues to improve, depreciations this year should “remain below pre-pandemic levels”. The bank will continue to make savings linked to efficiency gains “but inflationary pressures and planned capital expenditure” will generate costs, it warns.
Barclays has announced the appointment of Anna Cross as Chief Financial Officer, the first appointment of a woman to one of the company’s three highest positions (Chief Executive Officer, Chief Financial Officer and Chairman of the Board). , according to the British press. She will take office on April 23.
“Barclays has shown a clear and sustainable path to growth in 2021,” Chief Executive CS Venkatakrishnan said in the statement. The bank will continue its momentum in 2022, he assures, despite “a more than uncertain economic environment”.
Mr. Venkatakrishnan took over in November from Jes Staley who had resigned hastily to challenge the preliminary conclusions of an investigation by British financial regulators into his links with Jeffrey Epstein, this financier accused of trafficking in minors and who has since committed suicide. in prison.
If he continues to receive his salary during his 12-month notice period, i.e. until October 2022, Barclays announced on Wednesday that the variable remuneration not yet acquired by Mr. Staley was suspended “pending further developments” in the ongoing investigation.
