Barclays numbs news of 2017 loss with dividend promise

Barclays numbs news of 2017 loss with dividend promise

Investors were encouraged by that, and the United Kingdom bank's pledge to restore a full dividend as its capital position strengthened, and its shares rose 4% in early trading on Thursday.

For the full year, it reported a net loss of 1.92 billion pounds ($2.68 billion), compared to a profit of 1.62 billion pounds ($2.26 billion) in 2016.

This result was despite earnings at its investment bank plunging to £2.1bn (a dive of 22%), something Barclays blamed on "weak market conditions". Revenue fell 2% to 21 billion pounds ($29.3 billion).

Total income fell 2% to £21.2bn as weak market conditions hit revenue in the corporate investment bank (CIB) in the bank's worldwide arm.

"The investigation has been going on for a year and during that course of time I have been focused on running Barclays, I think we've made great progress and I look forward to running Barclays for a number of years to come", Staley told CNBC Thursday morning. That underperformed its big United States rivals, which on average reported a 19% rise in revenues.

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

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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.

Barclays said when reported in United States dollars, its banking fees were up 2% on the year, equities revenues were down 4% and credit and rates were down 14%. 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.

Its annual report published alongside the results showed that Mr Staley's total pay package fell to £3.9 million in 2017 from £4.2 million in 2016.

The U.K. bank's net loss was £1.92 billion ($2.67 billion), part of which was a one-off £901 million charge on US deferred tax assets.

It also booked an additional £240m provision relating to alleged foreign exchange manipulation.

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