By Simon Clark LONDON Barclays PLC said net profit more than doubled as equities trading revenue surged and the U.K. economy started to recover from the ravages of the coronavirus pandemic. The London-based lender earned GBP1.7 billion in the first three months of the year, the equivalent of $2.37 billion, up from GBP605 million in the same period last year. Barclays operates a trans-Atlantic investment bank as well as offering traditional financial services in the U.K. Pretax profit from the investment bank, which trades fixed-income securities, equities and derivatives, rose 46% to GBP1.7 billion in the first quarter. Provisions for bad loans fell to GBP55 million in the quarter from GBP2.1 billion in the same period last year.
TRADING UPDATES: UK Oil & Gas annual loss widens on impairments
Fri, 16th Apr 2021 19:37
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
UK Oil & Gas PLC - London-headquartered exploration and production company - Posts pretax loss for the year ended September 30 last year of GBP20.9 million, widening from GBP5.4 million a year prior. Revenue increases to GBP908,000 from GBP213,000. Books GBP10.7 million impairment expense, up from GBP2,000 the year before. Does not declare a dividend, unchanged from the year prior. I have experienced many oil price downturns in my career, but none have been as unexpected or severe as 2020. Fortunately, the company and industry have been resilient enough to survive and adapt and to witness the hoped for bounce back in oil price. We all hope this will be long lived, says Chief Executive Stephen Sanderson.
And The Biggest Pain In The Ass of 2020 Is… dealbreaker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dealbreaker.com Daily Mail and Mail on Sunday newspapers.
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By Simon Clark LONDON Barclays PLC posted a profit in 2020 as buoyant securities trading made up for a lackluster performance in the U.K., where the bank expects pent-up savings to give the economy a boost as the coronavirus pandemic wanes. Net profit at the London-based bank fell 38% from a year earlier to GBP1.53 billion, equivalent to $2.12 billion. Profit at Barclays s corporate and investment bank rose 29% to GBP2.55 billion. Barclays shares traded 2% lower on the results. The bank said it intends to pay a dividend for 2020 and buy back up to GBP700 million of shares. The proposed dividend of one pence a share was less than some investors were expecting.
Grabbing a share of trading and deals on Wall Street for European investment banks was always going to be a big ask.
UBS retreated into wealth management, Deutsche Bank has faced death by a thousand cuts and Credit Suisse has been turned around after some difficult eruptions.
Britain s Barclays has been best placed. It bought the Lehman client legacy in New York, has expertise in debt markets and chose can do leadership in the shape of Jes Staley who knows how the game is played from running JP Morgan s investment bank.
Barclays has chosen can do leadership in the shape of Jes Staley (pictured) who knows how the game is played from running JP Morgan s investment bank.