The British bank, Barclays stated that it intends to release a share buyback programme worth up to 1 billion pounds ($1.36 billion), reported a pretax profit of GBP1.47 billion for the Q4, up from GBP646 million the previous year. According to the lender’s compiled consensus, pretax profit was supposed to surpass GBP1.17 billion.
Tushar Morzaria, the bank’s finance director and executive director, will step down on April 22. Ms. Cross, the bank’s current deputy group finance director, will take over the next day.
The FTSE 100 bank’s net profit increased to GBP1.12 billion from GBP220 million the previous year. According to Barclays’ compiled forecasts, it was expected to end the quarter with a net profit of GBP643 million. Total income rose to GBP5.16 billion in the fourth quarter of 2020, up from GBP4.94 billion in the previous quarter. According to the bank’s recorded forecasts, it was expected to rise to GBP5.12 billion.
The bank ended the quarter with a due to fundamental Tier 1 ratio of 15.1%, a key measure of balance-sheet strength. It was predicted that the period would end with a ratio of 15.2 percent.
The board of directors declared a dividend payout of 6.0 pence per share, a growth from 1.0 pence in 2020.