Barclays has posted an attributable profit of £5bn for the year 2022, a fall of 19% compared with £6.2bn a year ago.

For the year ended 31 December 2022, the bank’s total income rose 14% year-on-year to £24.95bn.

Total operating expenses increased to £16.73bn from £14.66bn in 2021.

Barclays said its profit before tax for the 2022 stood at £7bn, down 14% compared with £8.19bn a year earlier.

Profit after tax declined 15% to £5.97bn from £7.05bn in the year ago period.

The banking group reported credit impairment charges of £1.22bn as against £653m a year ago.

“The increase in charges reflect macroeconomic deterioration and a gradual increase in delinquencies, partially offset by the utilisation of macroeconomic uncertainty PMAs and the release of COVID-19 related adjustments informed by refreshed scenarios,” the bank said in its press statement.

The group’s total coverage ratio decreased to 1.4% from 1.6% in December 2021. It was driven by changes in portfolio mix and write-offs, the said.

Its total dividend for 2022 was 7.25 pence per share versus 6 pence per share in 2021, comprising a 5 pence per share full-year dividend.

Barclays group CEO C. S. Venkatakrishnan said: “Barclays performed strongly in 2022.

“Each business delivered income growth, with Group income up 14%. We achieved our RoTE target of over 10%, maintained a strong Common Equity Tier 1 (CET1) capital ratio of 13.9%, and returned capital to shareholders. “We are cautious about global economic conditions, but continue to see growth opportunities across our businesses through 2023.”