Barclays reported a 14% fall in annual profits, as costs from an administrative blunder that saw it oversell securities in the United States compounded a collapse in deal fees earned by its investment bank.
Barclays paid an annual dividend of 7.25 pence per share, in line with forecasts, and also announced a fresh share buyback of 500 million pounds to bring the total for 2022 to 1 billion pounds.
Barclays posted litigation and conduct charges for the year of 1.6 billion pounds, including fines and restitution to customers from overstepping agreed limits on sales of investment products in the United States.by a combined 1 million pounds to reflect the regulatory misteps. Barclays' results were further marred by 1.2 billion pounds in credit impairment charges as Britain's economy continued to slow.
Barclays is the first big British bank to report its annual earnings this week, with analysts and investors likely to focus more on the bank's forward-looking guidance about the outlook for this year, than on its performance in 2022. The lender said it would achieve its goal of making a more than 10% return on tangible equity next year, having previously described this as a 'medium term' goal.
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