Barclays on Wednesday reported a full-year net profit of £5 billion ($6.05 billion) for 2022, beating consensus expectations of £4.95 billion.
The British lender took a substantial hit from an over-issuance of securities in the U.S., which resulted in litigation and conduct charges totaling £1.6 billion over the course of 2022.on Wednesday reported a full-year net profit of £5 billion for 2022, beating consensus expectations of £4.95 billion but suffering a 19% fall from the previous year's £6.2 billion in part due to a costly trading blunder in the U.S.Common equity tier one capital ratio was 13.
Return on tangible equity was 8.9%, compared to 12.5% in the third quarter and 13.4% for the fourth quarter of 2021. The British lender took a substantial hit from an over-issuance of securities in the U.S., which resulted in litigation and conduct charges totaling £1.6 billion over the course of 2022.
The British bank announced early last year that it had sold $15.2 billion more in U.S. investment products — known as structured notes — than it was permitted to.
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