Partly Cloudy

Partly Cloudy

max temp: 13°C

min temp: 6°C

ESTD 1874 Search

Banking: Barclays annual profit falls short of City forecast

13:00 10 February 2014

Barclays has announced its headline annual results a day early.

Barclays has announced its headline annual results a day early.

Banking giant Barclays today revealed a profits haul of £5.2billion for 2013 after taking the unusual step of announcing its headline figures a day early.

The stock market disclosure came after a report in the Financial Times that the bank was set to announce a one-third fall in operating profits to £5.17bn, alongside a trebling in bottom-line profits to £2.86bn.

Barclays, which is due to announce its annual results in full at 7am tomorrow, confirmed that the figures were set to be £5.2bn and £2.9bn respectively.

The FT forecast a slight drop in income to £27.9bn, adding that the sharp rise in statutory profit reflected lower charges on the value of its own debt.

The underlying profit figure of £5.2bn is slightly below the consensus forecast in the City for around £5.4bn.

The drop in profits follows a year in which Barclays added £2bn to its bill for customer mis-selling scandals and was forced to ask shareholders for £5.8bn in a rights issue after revealing a £12.8bn hole in its finances.

Chief executive Antony Jenkins will, as scheduled, also give an update tomorrow on his Project Transform programme to overhaul the bank’s culture and practices.

The review was launched in the wake of the bank’s £290million Libor-rigging fine and Mr Jenkins’s appointment as successor to former boss Bob Diamond.

It has been reported that Barclays is planning to axe several hundred jobs at a senior level in its investment banking business as well as ordering staff to cut out all non-essential overseas travel to slash costs.

The group will also be pressed on branch closures, in spite of its denial of recent reports that up to a quarter of its 1,600 sites in the UK could close.

Search hundreds of local jobs at Jobs24


Sandy Jackson - Mark Westley Photography

British Gas has been forced to backtrack after repeatedly billing a 91-year-old great-grandmother for hundreds of pounds more than she owed.

Tim King, group fleet manager at Turners (Soham), left, takes delivery of the firm's newest truck from Eddie Hennessy, regional manager of DAF Trucks UK, representing regional dealership Chassis Cab. 
Photo: Keith Mindham Photography

Suffolk-based logistics company Turners (Soham) Ltd has reported increased annual revenues and profit, and says it is “well placed” for further success despite competitive market conditions.

Ian Thoroughgood, associate director at Grant Thornton in Ipswich, with Jonathan Agar, chief executive of Birketts.

Business advisers firm Grant Thorton is to unveil its 15th “Suffolk Limited” report next month on how the county’s leading businesses have performed over the past year.

Colleagues at Care UK's Peninsula NHS Treatment Centre.

Colchester-based Care UK is celebrating after one of its nine NHS treatment centres across the country achieved an overall “Outstanding” rating from the Care Quality Commission (CQC).

The Lloyds Bank School for Social Entrepreneurs graduates.

Seventeen entrepreneurs from School for Social Entrepreneurs East, at Ipswich Waterfront have graduated from Lloyds Bank Social Entrepreneurs Programme


Show Job Lists

Most read

Most commented

Topic pages


Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24