Barclays Reports ‘Pretty Good Progress,’ and a $1.8 Billion Loss

Barclays’ results, however, showed the costs of its restructuring efforts.

The bank reported a loss of 1.4 billion pounds, or about $1.8 billion. That compared with a profit of £677 million in the second quarter of 2016.

But Mr. Staley, who joined Barclays in December 2015 as its third chief executive since 2012, said the bank had reduced the size of its so-called noncore operations to the point that the division could be closed. The bank could then shift capital within some businesses, he said, in order to focus on increasing its profitability.

Shares of Barclays were down less than 1 percent in midmorning trading in London on Friday.

During the quarter, the bank took a loss of £1.4 billion on reducing its stake in Barclays Africa Group and an impairment of £1.1 billion related to the business.

The British bank has cut its stake in the business to 15 percent in order to free itself from regulatory and capital requirements that have dragged on its balance sheet. Barclays had owned as much as 62.3 percent of the African business.

Barclays, which has operated in Africa for more than a century, first announced plans to sell down its controlling stake in March. The African business had been a key pillar for the bank under former chief executive Antony Jenkins.

During the quarter, Barclays also took a £700 million charge related to payment protection insurance. The insurance product was widely sold for more than two decades in Britain, targeting consumers taking out mortgages, credit cards or other loans.

But British regulators determined that complex pricing and detailed conditions on eligibility to make claims made the product inappropriate for some consumers. Compensation for those who were sold it improperly has cost the industry tens of billions of pounds.

Lloyds Banking Group, one of the biggest providers of the loan insurance in Britain, took a similar charge of £700 million as part of its second quarter results on Thursday.

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