Barclays posted a significant loss on its full-year 2017 profits, hit in part by the U.S. tax overhaul and a weaker dollar.
The U.K. bank’s net loss was £1.92 billion ($2.67 billion), part of which was a one-off £900 million charge on U.S. deferred tax assets. 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.
Barclays also announced a restoration of its dividend to 6.5 pence per share for 2018, more than double the last year’s full-year dividend of 3 pence.
“2018 will be the first year in five years that this bank begins with a clean operating model,” Barclays CEO Jes Staley told CNBC. The bank has been struggling to shake off issues with its reputation after several years of scandal, the most recent of which centered on allegations of unlawful whistleblower mistreatment in early 2017.
Staley took charge of the bank in 2015 on a pledge to rebuild the bank’s image, and is its fifth CEO in seven years.
“We still have some legacy issues, but we are very comfortable with the position of the bank,” he said.
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