Brocker.Org: Barclays revenue jumps up 16%, doubling pre-tax profit

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Jes
Staley speaks during a panel discussion at the Institute of
International Finance (IIF) annual meeting in Washington
September 25, 2011.

Reuters

LONDON – Barclays reported a revenue hike of 16% in the first
three months of 2017, doubling pre-tax profits.

Revenue rose to £5.8 billion from £5 billion a year
earlier. 

Pre-tax profit soared to £1.6 billion from £793 million. The bank
took a £658 million hit on the disposal of its Africa operations
which halved the bank’s “attributable profit” from £433
million to £190 million

“This has been another quarter of strong progress towards the
completion of the restructuring of Barclays,”
CEO Jes Staley said in a statement on Friday.

“Group profit before tax more than doubled compared to Q1 of
2016, and our Core businesses continued to perform very well,
producing a combined Return on Tangible Equity of 11%, on an
average tangible equity base that is £5bn higher year-on-year.
Within that, Barclays UK’s and Barclays International’s RoTEs
both improved to 21.6% and 12.5% respectively.”

Staley will likely be subject to shareholders’ ire over a
whistleblowing scandal after he tried to identify the
writer of two anonymous letters about a senior executive.

Both he and Barclays are the subject of
investigations by the UK’s Financial Conduct Authority and
Prudential Regulation Authority over the affair, which is being
treated as a whistleblowing incident.

The board issued a “formal written reprimand” to
Staley and will make “a very significant compensation
adjustment” to his bonus. 

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