Barclays pays out more than $1 bln to investors as profits rebound

  • H1 profit 5 billion pounds (2020: 1.3 billion)
  • Bank launches 500 million pound buyback
  • CEO says will stay around 2 more years
  • Shares rise 3%

LONDON, July 28 (Reuters) – Barclays (BARC.L) will pay out more than a billion dollars in dividends and buybacks to shareholders after beating first-half profit forecasts as bad loan fears receded and investment banking fees remained strong.

The British bank, which reported a near-quadrupling in first-half profits, said it would pay an interim dividend of 2 pence per share, equivalent to around 340 million pounds in total, after the Bank of England in July scrapped payout curbs.

Barclays will also buy back 500 million pounds of its own shares, as it forecast bad loan charges would remain below historical levels due to the improved economic outlook and low default rates on unsecured lending.

CEO Jes Staley, the subject of long-running succession speculation, told reporters he planned to stay a “couple more years” but…

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