Barclays PLC (BARC.L) showed its confidence in future earnings on Thursday by restoring its full dividend, despite lackluster investment banking income, restructuring costs and US tax reforms hitting the bank's 2017 bottom line.
The FTSE 100 bank posted a £1.9bn attributable loss for the full year, as it reeled from the effects of one-off tax charges of £900m relating to the USA tax reform and £2.5bn disposal charges from the sale of its South African banking arm.
While Barclays made an attributable loss on nearly £2 billion, pre-tax profits rose strongly, increasing by 10% from the previous year to £3.5 billion.
"It is our firm intent, over time, to return a greater proportion of our earnings to shareholders, both through the annual dividend and in other ways", Barclays Chief Executive Jes Staley said in a statement.
Barclays has posted an annual loss of £1.9bn and faced a backlash on gender pay after it admitted women in its investment bank unit are paid, on average, nearly half the sum enjoyed by men.
British banking giant Barclays made a net loss of £1.9 billion previous year as continuing PPI payments and the impact of the USA's new tax rules hit the bank's bottom line.
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He said: "We have already started to see some of the benefits of our work in 2017".
"Although we are only seven weeks into the first quarter, and it is too early to offer formal guidance, we are pleased with the start to the year, and in particular in the markets businesses in CIB (corporate investment banking)".
Its shares ended the day 4.4% higher as the bank said it was aiming to more than double its dividend for 2018 to 6.5p per share.
The U.K. Financial Conduct Authority opened an investigation in 2017 looking at Staley's alleged attempt to find out the name of the employee that wrote a letter raising concerns about the recruitment of a senior official by the bank.
The bank also reported setting aside £1.2bn for litigation and conduct, including £700m to cover further costs related to the payment protection insurance scandal.
Revenues were £21.1bn and bonuses awarded to staff were flat at £1.5bn.