Barclays resumes dividends

Barclays' stock price
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Barclays has posted better than expected results with profits dropping 30% to £3.1bn.

Analysts expected profits to come in around £2.8bn. The banking group has said that it will resume dividend payments.

Chief executive Jes Staley said in the trading update that 2020 “demonstrated the value of our diversified banking model” and pointed out that Barclays “remained profitable in every quarter, including generating profit before tax of £646m in the fourth quarter.”

“Given the strength of our business, we have decided the time is right to resume capital distributions. We expect to comment further on capital distributions when appropriate.”

“In a year in which the COVID-19 pandemic affected people across the globe, 2020 demonstrated our strengths, our values, and our resilience,” Staley said.

“Throughout the pandemic we have focussed on preserving the financial and operational integrity of the firm so that we can maximise our support for clients and customers, for colleagues, and for the communities in which we live and work.”

Fourth quarter profit £646m. Last year the chief executive was paid £4m last year, which is down from £5.9m the year previously.