Barclays swings to net profit in 2013

|About: Barclays PLC (BCS)|By:, SA News Editor

Barclays (BCS) swung to a full-year net profit of £540M from a loss of £624M in 2012.

EPS 3.7 pence vs a loss per share of 4.8 pence.

Total income rose to £28.44B from £25.61B; adjusted income -4% to £28.16B.

Barclays plans to reduce its balance sheet by up to another £105B by next year.

Profits at the investment bank tumbled 37% to £2.5B and income declined 9% to £10.7B, mainly due to a drop in fixed income. Nonetheless, Barclays increased bonuses at the business by 13% to £1.57B.

Barclays' compensation to income ratio rose to 43.2% in 2013 from 40% in 2012 even though the bank's target is in the "mid-30s."

As disclosed yesterday, pretax profit fell 32% to £5.2B. (Results announcement)