The profit of the Barclays Group fell by 34% in the first half of the year, from 3,752 million pounds (4,479 million euros) in the same period of 2021 to 2,475 million pounds (2,955 million euros).
The decrease was mainly due to a surcharge of 1,304 million pounds (1,556 million euros) that the bank was forced to pay for what he called “excessive bond issuance” in the United Statesin violation of US regulations.
Barclays had previously reported that it had to buy back up to $17.6bn worth of investment products known as “structured notes” mistakenly sold in the US, forcing it to spend more than £1.3bn million in litigation and fees.
The hoax has called into question the group’s new chief executive, CS Venkatakrishnan, who took office in November 2021.
The group also announced when presenting the half-year results that gross profit before taxes also fell by 24%, going from 4,902 million (5,850 million euros) in the same period of 2021 to 3,733 million (4,455 million euros) in the first semester of this year.
Despite this, total turnover grew by 17% to 13,204 million pounds (15,757 million euros) between January and June.
the barclays will pay a semi-annual dividend of 2.25 pence per share (about 2.7 euro cents), while preparing to repurchase 500 million pounds (596 million euros) of shares.
Venkatakrishnan said it was “a solid first half with a 17.1% increase in turnover.
The growth achieved in the first quarter continued in the three businesses that operated in the second quarter.”
Our performance in the first half shows the resilience and benefits of diversification, both in the bank and in our companies. It also underscores the value of investing in our three strategic priorities in next-generation consumer finance, sustainable corporate and investment banking growth, and the transition to a low-carbon economy.”
Source: Observadora
