© Reuters. FILE PHOTO: Workers are seen at Barclays bank offices in the Canary Wharf financial district in London
LONDON (Reuters) – Barclays (LON:)’ annual profit in 2020 fell by half, the bank reported on Thursday, much less than feared as a strong performance by its investment bank offset provisions against bad loans from the economic fallout of the COVID-19 pandemic.
The British bank said it would resume paying dividends of 1 pence per share, as well as returning capital via a 700 million pound buyback, after lenders halted payouts last year at the request of the Bank of England.
Barclays reported a profit before tax for 2020 of 3.1 billion pounds ($4.29 billion), well above the average estimate of 1.96 billion pounds from analysts’ forecasts compiled by the bank.
($1 = 0.7221 pounds)
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