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Bond Market News
Barclays Reports 38% Fall in 2020 Profits
February 19, 2021
British lender Barclays reported Q4 profits were of £220mn ($307mn) and full year net profits of £1.53bn ($2.11bn), down 38% YoY. The corporate and investment banking unit saw income rise 22% to £12.5bn ($17.5bn) but this was offset by credit impairment charges of £4.8bn ($6.7bn) vs. £1.9bn ($2.6bn) in 2019 courtesy the pandemic. CET1 ratio was at 15.1%, an all-time high and up from 14.6% at the end of Q3. The bank announced a dividend of £0.01/share ($0.014/share) and its plans on buying back £700mn ($977mn) in stock. The moves come after the BoE suspended UK banks from making distributions last year. CEO Jes Staley said in an interview to CNBC, “The U.K. consumer in the face of the pandemic has clearly significantly dropped spending, but by the same token, has invested in strengthening the individuals’ balance sheets, notably by growing their deposits, and we feel that on our balance sheet.” Barclays’ bonds were slightly higher. Their USD 6.125% Perp was up 0.35 to 111.48, yielding 3.52% and their GBP 5.875% Perp was up 0.3 to 105.50, yielding 4.2%.
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