Barclays profits damaged by charges including £127m Carillion hit

Barclays profits damaged by charges including £127m Carillion hit

Barclays Plc Chief Executive Officer Jes Staley received less than half his expected bonus as the whistle-blowing scandal casts a shadow on his tenure.

Major hits included a further £700m provision for PPI claims, £2.5bn of losses related to selling Barclays Africa, and a £900m one-off hit from President Trump's tax reforms.

Laith Khalaf, senior analyst at Hargreaves Lansdown, commented: "Arnold Schwarzenegger and Donald Trump don't always see eye to eye, but they have double-teamed Barclays, with the bank's full year profits dragged down by U.S. tax reform and a PPI campaign fronted by everyone's favourite bodybuilder".

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Barclays posted an attributed loss of £1.9bn for the year against a profit of £1.6bn in 2016 after taking a previously announced £1.2bn writedown from the sale of Barclays Africa Group.

The group's pre-tax profit, however, rose by 10 percent to £3.54 billion in 2017, and customer deposits increased 2 percent to £193.4 billion.

Barclays pledged to boost its dividend on Thursday despite a lackluster performance at its investment bank and below-forecast pretax profits hit by restructuring costs and fresh charges for historic misconduct and compliance failures.

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He added: "Although we are only seven weeks into the first quarter, and it is too early to offer formal guidance, we are pleased with the start to the year, and in particular in the markets businesses in CIB (corporate investment banking)".

Shares in the British bank were up 5.1 percent to 212 pence at 1043 GMT, sending Barclays to the top of the FTSE .FTSE index risers after it said it would resume paying its full dividend of 6.5 pence per share, which it halved in March 2016 in order to provide extra funds to pay for restructuring. His overall pay package however was down from £4.22m after his annual bonus dropped to £1.07m from £1.3m. The bank will make a final decision once the outcome of the Financial Conduct Authority investigation is complete.

The bank set aside £1.2bn to cover costs from litigation and conduct, compared with £1.4bn in 2016. United Kingdom profits were broadly flat at £1.7bn, with income down 2%.

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