Barclays post 10 per cent rise in pre-tax profits

Barclays posts pre-tax profits of £3.54bn

Barclays pulled into the red by PPI claims and Trump tax reforms

Barclays posted profit before tax of £3.5bn, up from £3.2bn a year before. Last year, that unit saw income tumble 15% to £4.5bn.

Although Barclays posted a pretax profit of 3.5 billion pounds ($4.9 billion) for 2017, up from 3.2 billion pounds a year ago, this was worse than the 4.7 billion pound average of analysts' forecasts compiled by the bank. Revenue fell 2% to 21 billion pounds ($29.3 billion).

Barclays PLC showed its confidence in future earnings on Thursday by restoring its full dividend, despite lacklustre investment banking income, restructuring costs and USA tax reforms hitting the bank's 2017 bottom line. The British government previous year said it would require all companies with more than 250 employees to publish their gender pay data by April 2018. We have already started to see some of the benefits of our work in 2017.

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Numerous banks have seen tax write-downs in the billions in their fourth quarter results due to the Republican-led tax overhaul passed in December of past year, though the losses are expected to be one-offs.

Barclays shares rose 4% to 210.6p in early trading on Thursday.

The dividend was maintained at 3p per share.

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While we still have a number of legacy conduct issues to address I am confident in the capacity of this business to generate excess capital going forward, and it remains our intention over time to return a greater proportion of that excess capital to shareholders through dividends and other means of capital distribution, including buybacks'.

"In addition, the group has re-iterated all of its medium-term financial targets albeit noting that the percentage group effective tax rate will be lower than previously guided as a result of the impact if United States tax reform. On balance, we expect this statement to be taken positively". Meanwhile a far more serious threat looms in the shape of the SFO's investigation into Barclays' 2008 emergency fundraising.

Barclays took a £2.5 billion hit from the sale of its African business and suffered a "one-off net tax charge of £901 million" due to Donald Trump's new U.S. tax plan, the bank said in its results statement, released on Thursday morning.

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