Barclays takes £127m hit from Carillion collapse


The bank said it had set aside £1.2bn for litigation and conduct, including £700m for payment protection insurance, also known as PPI.

Pre-tax profit rose by 10% to 3.54 billion pounds ($4.94 billion) in 2017, but that missed analysts' averaged expectations of 4.7 billion pounds, which did not take into account the one-off tax-related writedown.

A multibillion-pound bill linked to litigation and USA tax changes, coupled with heavy losses from the sell down of its Africa business, dragged Barclays into the red a year ago.

Barclays has posted an annual loss of £1.9bn - hit by a series of one-off costs including £127m from the demise of Carillion.

Nonetheless, the bank has promised to reinstate the dividend it cancelled two years ago at 6.5p this year, as it sought to restore some of the damage to its reputation with shareholders.

However, it said the financial watchdog had begun a new probe into its systems and controls for the handling of customers with troubled unsecured loans. However, the bank said it can not yet estimate the impact of the FCA investigation into it financial results.

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FILE PHOTO: The logo of Barclays is seen on the top of one of its branches in Madrid, Spain, March 22, 2016.

Barclays was the worst-performing bank in the FTSE 100 index in 2017, falling 9% on concerns about both its investment bank and its legal and regulatory troubles. Adjusted profit before tax and material items increased 23% to £4.5bn, which was shy of the £4.7bn consensus.

"We have strong plans in place to address that underperformance in 2018", Staley said.

Barclays joins a handful of major financial institutions that have disclosed gender pay gaps.

At Barclays, the difference was largely the result of the proportion of women working in more junior roles, rather than a breach of pay equality rules that require people working at the same rank to be paid the same regardless of gender, the bank said.

CFO Tushar Morzaria said Barclays had gained market share, with business down in dollar terms by 10% compared with 20% at its biggest USA rivals.