Barclays PLC on Thursday announced a significant drop in profit before tax for the fourth quarter of 2020 and said it had suspended its dividend for the year 2019 to preserve capital amid the coronavirus pandemic.
The FTSE-100-listed bank posted a pre-tax profit of £ 646m ($ 895.5m) compared to £ 1.10bn for the period a year earlier. It was expected to record a profit before tax of 285 million GBP, drawn from a compilation of forecasts provided by Barclays.
The UK lender also posted a net profit of £ 220 million against £ 681 million for the same period a year earlier. According to its compilation of forecasts, the bank is expected to post a loss of GBP 17 million.
Credit impairment charges amounted to £ 492m, he added, missing sight of reaching £ 689m write-downs for the quarter.
Total income fell to 4.94 billion GBPGBP, from 5.30 billion GBP for the fourth quarter of 2019. It was expected to decline to 4.81 billion GBP.
The board declared a dividend of 1.0 pence per share, compared to 3.9 pence per share, and announced that the dividend of 6.0 pence per share for 2019 had been suspended. The board was due to declare a dividend of 3.5 pence, according to Barclays’ compilation of forecasts.
The bank ended the period with a ratio of Tier 1 common stock – a key measure of balance sheet strength – of 15.1%. It was to be 14.7%. It posted a ratio of 13.8% over the period of the previous year.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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