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Barclays unveils £1bn share buyback programme as annual profit swells
StockMarketWire.com
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British banking group Barclays said it would launch a £1 billion share buyback programme after annual profit more doubled as expected credit losses and impairments were lower than expected.
For the year ended 31 December 2021, pre-tax profit rose to £8.41 billion from £3.07 billion year-on-year, while total income inched higher to £21.94 billion from £21.77 billion.
Credit impairment releases were £653 million, compared with charges of £4.84 billion last year.
The credit impairment release was driven by an 'improved macroeconomic outlook, reduced unsecured lending balances and benign credit environment,' the company said.
Common equity tier 1 (CET1) ratio was flat at 15.1%.
Barclays said it would launch a £1 billion share repurchase programme, and boost its full-year dividend to 4 pence a share, taking the total dividend for the year to 6 pence, up from 1 pence a year earlier.
Looking ahead, the company forecast the impairment charge to remain below pre-COVID-19 pandemic levels in coming quarters given reduced unsecured lending balances and an improved macroeconomic outlook.
The CET1 ratio was expected to be impacted by about 80 basis points of regulatory changes which took effect from 1 January 2022.
Story provided by StockMarketWire.com
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