Feb 18, 2021
Barclays profits hit by £4.8bn bad loan provisions
Barclays has reported a big drop in annual profits, having set aside billions of pounds for loans expected to turn sour. It was forced to set aside £4.8bn to cover loans unlikely to be paid back amid the economic fallout of Covid. Despite that it announced it would resume dividend payments of 1p per share to shareholders. It is also set to return cash to investors via a share buyback of up to £700m. In December, UK banks were told they could start paying shareholders dividends again. They had ceased making dividend payments in March last year in order to keep hold of capital and absorb bigger shocks from potential loan losses amid the Covid pandemic.
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