Barclays rebounds into profit in 2018

  • News Digest

Feb 22, 2019-

Barclays rebounded sharply into profit in 2018, as a vast hit from the previous year on the sale of its African business was not repeated, the British bank announced on Thursday. The lender’s performance came despite vast litigation costs and a new charge on the impact of mounting economic uncertainty over Brexit. Net profit, or earnings after tax, reached £1.4 billion ($1.8 billion, 1.6 billion euros) last year, Barclays said in a results statement. That contrasted with a large loss of £1.9 billion in 2017, when it had taken a vast £2.5-billion hit on the sale of Barclays Africa Group Limited. The lender nevertheless faced litigation and conduct charges in 2018 of £2.2 billion. That was in large part due to a £1.4-billion US fine over its conduct in the run-up to the global financial crisis. (AFP)

Published: 22-02-2019 11:18

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