Barclays Share Discussion Threads

[mbmiah] 29/7/2016 08:24

They know mate - they actually only sold PPI to ppl with below average credit

[diku] 29/7/2016 08:22

Does any of the banks have the exact figure of how many PPI policies were sold?...or are they just paying out who ever comes along?...

[saffou] 29/7/2016 08:20

Tricking the market with 15million shares

[smurfy2001] 29/7/2016 08:19

Barclays net profits drop by a third

Strong credit cards and debt trading performance offsets PPI cost

[smurfy2001] 29/7/2016 08:18

Barclays profits slumped in the first half of the year as new chief executive Jes Staley pressed on with plans to restructure the bank and retrench from Africa.

The high street bank also took a £400m provision for payment protection insurance (PPI) mis-selling, taking its total bill for the scandal to £7.8bn.

Staley, an American banker who took the helm in December, said he did not intend to tear up his new plan to turn Barclays in to a transatlantic bank in the wake of the vote for Brexit.

Barclays share price was up 3% in early trading at about 150p.

Staley surprised the City in March by cutting the bank’s dividend and announcing plans to sell its long-established business in Africa and focus on the UK and the US.

That decision took a toll on the results in the first of 2016, with the so-called non core division reporting a £1.9bn loss, denting the £4bn of profits in the continuing operations. Overall profits were down 21% at £2bn.

Despite the fall in profits, he said that the parts of the bank which he wanted to keep were performing well and justified his plan. “We remain confident that it is the right plan for Barclays, and see no reason to adjust it, or the pace of delivery, in light of the vote by the UK last month to exit the EU,” said Staley.

“Given the inherent diversification of our business model, coupled with a longstanding conservative approach to risk, Barclays is well positioned to weather any potential economic consequences of that decision. We are very much open for business, and fully committed to supporting our customers and clients, and the real economy, through this period of uncertainty,” he said.

Pages of legal warnings attached to the half-year results remind investors that the bank is continuing to be investigated by the Serious Fraud Office over the way it raised £7bn of capital during the 2008 banking crisis. The bank is contesting a £50m fine from regulators in relation to the matter which was first disclosed in 2013.

[smurfy2001] 29/7/2016 08:17

Profits slump at Barclays as it sheds its non-core divisions
Barclays has posted a 20pc drop in pre-tax profits to £2.06bn in the first half of the year, as it continued to run down its non-core businesses and racked up £525m in legal fees.

Barclays is hiving off parts of its business which it deems non-core in a bid to turn around the struggling bank.

It started selling down its stake in Barlcays Africa in May and is also axing the French retail and wealth management business. The non-core divisions made negative income of £586m in the first half, while losses more than doubled to £1.90bn. Barclays also booked a number of impairment charges in the half year.

By contrast, Barclays UK enjoyed a 52pc rise in pre-tax profit to £1.08bn, while the corporate and international division enjoyed a 16pc increased in profit.

The bank is on a major cost-cutting drive, implemented by chief executive Jes Staley. He said Barclays was on track to meet its target of £12.8bn in costs in its core business for 2016, while the non-core business would incur costs of £400m to £500m in 2017, significantly below previous guidance.

Mr Staley said:

"This has been a quarter of very encouraging progress against our strategy. Our core businesses, Barclays UK and Barclays corporate and international, continue to thrive.

“Non-core rundown - the key to unlocking the full earnings power of that core - has good momentum, and we remain committed to closing the unit in 2017.”

“Our priorities remain: strengthening our core businesses; closing Barclays non-core as fast as possible; progressing the sell down of our stake in Barclays Africa to a point where we can deconsolidate it; eliminating costs in both core and non-core; dealing with legacy issues; and steadily strengthening our capital position.

Taken together, the picture in the second quarter is one of strong and accelerating progress against our strategy. We remain confident that it is the right plan for Barclays, and see no reason to adjust it, or the pace of delivery, in light of the vote by the UK last month to exit the EU.

“Given the inherent diversification of our business model, coupled with a longstanding conservative approach to risk, Barclays is well positioned to weather any potential economic consequences of that decision. We are very much open for business, and fully committed to supporting our customers and clients, and the real economy, through this period of uncertainty."

[smurfy2001] 29/7/2016 08:16

Profits at Barclays fell by 21% over the first half of the year as the bank set aside a further £400m to compensate customers mis-sold payment protection insurance (PPI).
Profits for the six months to 30 June fell from £2.6bn last year to £2bn.
The new charge for PPI means the mis-selling scandal has so far cost Barclays a total of £7.8bn.
Profits were depressed by a £1.9bn loss on non-core assets including its French business, which it is in talks to sell.
Commenting on the impact of Britain's vote to leave the European Union, chief executive Jes Staley said he had no plans to alter that bank's strategy of selling non-core assets and strengthening its retail and investment banking operations.
He said: "We remain confident that it is the right plan for Barclays, and see no reason to adjust it, or the pace of delivery, in light of the vote by the UK last month to exit the EU."

[diku] 29/7/2016 08:14

If the insiders don't sort out the issues then somebody from outsider will do it for them...in a form of a bid...Lehmans assests come with it!!...

[diku] 29/7/2016 08:06

House prices are grossly overpriced...courtesy of BOE keeping rates low...there will probably never be an ideal time to raise rates...they have snookered themselves...every time talk of raising rates appears the markets get sold off due to China slowdown, Greece debt issue etc etc blah blah....its as though rates are correlated to stock markets only to the downside...cat & mouse games....

[togglebrush] 29/7/2016 08:04

Opening roughly 2% UP at circa 150

[bonio10000] 29/7/2016 08:03

Just shows the average knowledge of a BB poster.

So underlying is £4bn for the half year and the rest is being sold off?

Not bad.

[qantas] 29/7/2016 08:02

Shifters burning now .....

[johnwise] 29/7/2016 08:01

(ShareCast News) - Half year pre-tax profits at Barclays fell 21% to £2.06bn, reflecting the costs of offloading its non-core business.

The bank's core business made pre-tax profits of £3.97bn, up 19% while the non-core business made a loss of £1.9bn.

[manics] 29/7/2016 07:58

BARC now being called down 1.5% at open.

[mj19] 29/7/2016 07:58

Barclays posted 1H results: "Group profit before tax of £2,063M (H115: £2,602M) reflected an increased Core profit before tax of £3,967M (H115: £3,347M) and Non-Core losses before tax of £1,904M (H115: £745M). Excluding notable items and an impairment of £372M in respect of the French retail, and wealth and investment management businesses, Group profit before tax was £2,037M (H115: £3,128M) (...) Group return on average tangible equity (RoTE) of 4.8% (H115: 6.9%) (...) Common equity tier 1 (CET1) ratio increased to 11.6% (December 2015: 11.4%). (...) Group RWAs continue to be actively managed with the increase of £8B to £366B being principally due to the appreciation of USD and EUR against GBP (...) An interim dividend of 1.0p per share will be paid on 19 September 2016."

[manics] 29/7/2016 07:57

Ugly.

The shifters have been milking it since 260p, 220p in anger. Yet still has so much more to give imo.

ROCE at BARC is an embarrassment.

[diku] 29/7/2016 07:54

What say the results...Good..Bad or Ugly?....

[qantas] 29/7/2016 07:51

Shifters getting g squeezed today so sorry hope you are able to close fasten your seat belts....

[smurfy2001] 29/7/2016 07:35

Barclays Profit Drops on Loss From Asset Disposals

[berny3] 29/7/2016 07:32

worth looking at what were expectations

[oakville] 29/7/2016 07:30

With interest rates 80% likely to be cut! why should I top up today?

[oakville] 29/7/2016 07:29

Saying that, share price will probably rise 3% ....There again?...

[oakville] 29/7/2016 07:28

WTF ! Was expecting better to be honest.