Barclays surprises market and announces annual profits a day early

10th February 2014

Barclays, due to unveil its full year results on Tuesday, has instead released them today after a report in the Financial Times, forced the bank’s hand after it got too close to the mark writes Philip Scott.

In a stock exchange announcement, the bank, for its full years results, reported adjusted profit before tax for 2013 of £5.2bn, down by around a third, from some £7bn last year.

The FT piece reportedly based on numbers from Morgan Stanley speculated that the bank would report a fall in operating profit to £5.17bn.

Full details of the results will be released tomorrow. It is expected that the bank will face questions over its bonus payments for the year and the possibility of further job losses.

Last week Barclays’ boss Antony Jenkins said he had decided to decline his bonus for the second year running as a result of regulatory costs and a £6bn fundraising.

In a statement, the bank’s chief executive officer, who was up for a bonus of up to £2.75m, said “it would not be right, in the circumstances”, for him to accept a bonus for 2013, and he has therefore declined the one offered to him by the group’s board. He is expected to be given some £4m in shares.

Last year the bank announced plans to partially plug a near £13bn capital hole through a £5.8bn rights issue by June 2014.

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