Monitoring Desk
LONDON: Barclays has reported a 14 percent fall in annual profits, hurt by surging expenses and by the administrative blunder that led to costly fines and which compounded the collapse in deal fees earned by its investment bank.
Pre-tax profit
According to Reuters, the British lender has reported a pretax profit of 7 billion pounds for 2022, down from 8.2 billion the year before and below the 7.2 billion average analyst forecast, compiled by the bank.
The bank’s shares fell 8 percent in early trading and were on track for their biggest one-day fall since the day Russia invaded Ukraine.
Analysts have branded the figures as underwhelming, particularly in the period of increasing interest rates and resilience among borrowers in the face of inflation and higher costs of living.
