Barclays surprises traders with £5.2bn profit haul

BANKING GIANT Barclays yesterday revealed a profit haul of £5.2 billion for 2013 — after taking the unusual step of announcing its headline figures a day early.

The stock market disclosure came after a Financial Times report revealed the bank was set to announce how operating profits fell by a third to £5.1bn last year, alongside a trebling in bottom-line profits to £2.8bn.

Barclays, which was due to present results early today, confirmed that the figures were set to be £5.2bn and £2.9bn respectively.

The FT forecast a slight drop in income to £27.bn, adding that the sharp rise in statutory profit reflected lower charges on the value of its own debt.

The underlying profit figure of £5.2bn is slightly below the consensus forecast in the City for around £5.4bn.

But shares ticked up marginally, despite the mixed fortunes, closing the session up 1.2% at 275p.

The drop in profits follows a year in which Barclays added £2bn to its bill for customer mis-selling scandals, and was forced to ask shareholders for £5.8bn in a rights issue after revealing a £12.8bn hole in its finances.

It has also become embroiled in a new investigation after confidential customer files were allegedly stolen and sold on to rogue traders.

A whistleblower has claimed that a database of 27,000 files, belonging to doctors, businessmen and scientists, and also including details relating to a musician and a cleaner, was taken and sold.

Barclays said it would take all necessary steps to contact the customers affected and help them ensure the safety of their personal data.

It said initial investigations had suggested problems were isolated to customers of its Financial planning business, which was discontinued in 2011.

Chief executive Antony Jenkins was expected to give an update on his Project Transform programme to overhaul the bank’s culture and practices today.

The review was launched in the wake of the bank’s £290m Libor-rigging fine, and Mr Jenkins’s appointment as successor to former boss Bob Diamond.

It has been reported that Barclays plans to axe several hundred jobs at a senior level in its investment banking business.