Barclays reports forecast-beatinrise in fourth-quarter pretax profit
Barclays PLC reported Wednesday a rise in fourth-quarter pretax profit that beat market views, and said that it has appointed Anna Cross as its new finance director.
The U.K. bank, which also said that it intends to launch a share buyback program of up to 1 billion pounds , posted a pretax profit for the period of GBP1.47 billion compared with GBP646 million a year earlier. Pretax profit was expected to reach GBP1.17 billion, according to the lender's compiled consensus.
The FTSE 100 listed bank's net profit rose to GBP1.12 billion from GBP220 million for the year-earlier period. It was expected to close the quarter with a net profit of GBP643 million, taken from Barclays's compiled forecasts. Total income increased to GBP5.16 billion from GBP4.94 billion for the fourth quarter of 2020. It was anticipated to increase to GBP5.12 billion, according to the bank's compiled forecasts.
The bank closed the quarter with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 15.1%. It was expected to end the period with a ratio of 15.2%.Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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