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    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Barclays 2Q Pretax Profit Rose Above Views, Pre-Pandemic Levels -- Update

07/28/2021 | 01:01am EDT

By Sabela Ojea

Barclays PLC on Wednesday reported a significant rise in pretax profit for the second quarter, surpassing market views and pre-pandemic levels, and said that it aims to launch another share buyback program after resuming dividends.

The FTSE 100 bank posted a pretax profit of 2.58 billion pounds ($3.58 billion), up from GBP359 million a year earlier. Pretax profit for the second quarter of 2019 stood at GBP1.53 billion.

Pretax profit had been expected to reach GBP1.70 billion, according to Barclays' compiled consensus.

Barclays benefited from credit impairment releases of GBP797 million after booking charges of GBP55 million in the previous quarter.

The U.K. lender's total income rose to GBP5.42 billion, compared with GBP5.34 billion a year earlier. This compares with GBP5.54 billion for the second quarter of 2019. It had been expected to generate total income of GBP5.31 billion for the latest quarter.

The board has declared a dividend of 2.0 pence a share, higher than the expected 1.8 pence a share, following the Bank of England's decision to remove restrictions on limited dividend payouts

The bank also said that it intends to initiate a further share buyback of up to GBP500 million after having completed the latest GBP700 million buyback in April.

The bank ended the second quarter with a common equity Tier 1 ratio --a key measure of balance-sheet strength-- of 15.1%. The planned buyback would have an effect of 17 basis points on the CET1 ratio.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

07-28-21 0301ET

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Financials
Sales 2021 21 415 M 29 265 M 29 265 M
Net income 2021 5 203 M 7 110 M 7 110 M
Net Debt 2021 - - -
P/E ratio 2021 5,85x
Yield 2021 3,60%
Capitalization 29 489 M 40 235 M 40 298 M
Capi. / Sales 2021 1,38x
Capi. / Sales 2022 1,35x
Nbr of Employees 83 000
Free-Float 99,6%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 174,92 GBX
Average target price 224,58 GBX
Spread / Average Target 28,4%
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Managers and Directors
James Edward Staley Group Chief Executive Officer & Executive Director
Tushar Morzaria Group Finance Director & Executive Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Laura Padovani Group Chief Compliance Officer
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