Barclays declines on mixed results, disappointing dividend

Barclays reported mixed results with pre-tax profits falling 30% to £3.1 billion. The dividend was reinstated at 1p, below the 3.5p expected.

Downtrend 2


 

Barclays trades over 3% lower after posting mixed results.

The bank saw a 30% decline in pre-tax profit to £3.1 billion, on revenue of £21.8 billion. The bank wrote off £4.8 billion as lockdown restrictions continued to hammer the economy.

That said write downs in Q4 declined around 20% from Q3 to £492 million.

Strength in the investment banking arm offset some weakness in the retail division.

Barclays re-instated its dividend at 1p, below 3.5p expected and also announced a £700 million share buyback programme.

The stocks remains within its holding pattern despite today's selloff, finding support at 50 sma today at 146.

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