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February 24, 2022

Barclays annual pre-tax profit surges as investment banking unit outperforms

Barclays’ pre-tax profit in 2021 almost trebled to £8.4bn from £3.1bn in 2020 as the investment banking division posted its strongest ever result.

The Corporate and Investment Bank (CIB) business of the bank posted pre-tax profit of £5.8bn, its strongest results ever. Investment banking fees income was £3.65bn, a surge of 34% compared to last year.

However, global markets income fell by 16% to £6.4bn.

For the year ended 31 December 2021, the bank’s total income rose to £21.9bn from £21.76bn, in spite of an 8% depreciation of average USD against GBP.

Return on tangible equity (RoTE) climbed to double-digits, 13.5% as against 3.2% in 2020.

Barclays UK posted profit before tax of £2.47bn for the year 2021 as against £546mn in 2020.

The British bank also announced plans to repurchase shares worth £1bn and pay a full-year dividend of 4 pence per share.

The lender revealed that its group finance director Tushar Morzaria will retire from his position on 23 April 2022. He will be succeeded by Anna Cross, who is currently the group’s deputy group finance director.

Chief executive CS Venkatakrishnan said: “Barclays demonstrated a clear and sustainable path to growth over the course of 2021, delivering double-digit RoTE across our operating businesses, and returning £2.5bn of excess capital.

“Our strategic priorities will continue to develop the diversified business model that we have established, investing in advanced technology capabilities in our consumer businesses, delivering sustainable growth across our global Corporate and Investment Bank, and reinforcing our commitment to aiding the transition to a low-carbon economy.”

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