Barclays Bank Profits Drop 38% for 2020

Barclays Bank announced a full-year profit of 1.53 billion pounds, equivalent to $2.11 billion, for 2020, down 38% from 2019 but exceeding analysts’ expectations.

The UK bank announced a fourth-quarter net profit attributable to shareholders of £220m, even though the UK is dealing with new nationwide lockdown measures amid the resurgence of Covid-19.

Analysts in a Refinitiv poll had forecast a fourth-quarter net loss of 44.88 million pounds for a full-year net profit of 1.22 billion pounds.

Barclays also announced that it will resume dividend payments to shareholders of one penny per share and initiate the buyback of £ 700m of shares.