Barclays annual profits more than double to £8.4bn

Barclays has revealed pre-tax profits soared to £8.4 billion in 2021 as it released cash set aside for pandemic loan losses and notched up record investment banking earnings.

The banking giant more than doubled profits from £3.1 billion in 2020 thanks to the release of £653 million in bad debt provisions, compared with £4.8 billion set aside for Covid loan losses the previous year.

Barclays results were better than expected and showed its corporate and investment banking division recorded its highest-ever pre-tax profits of £5.8 billion over the year, up from £4 billion in 2020.

The group also announced its first female finance director, appointing deputy group finance director Anna Cross to the role from April 23.

She will succeed Tushar Morzaria, who is retiring after more than eight years in the post, and becomes the first woman to hold one of the top three boardroom jobs at the bank.

The figures come after a difficult year for the bank, with new chief executive CS Venkatakrishnan thrown into the role last November after former boss Jes Staley’s shock resignation following the initial findings of an investigation into his role as private banker to disgraced financier and convicted sex offender Jeffrey Epstein.

Mr Venkatakrishnan, known as Venkat, said: “2021 is the year in which Barclays demonstrated the results of the strategy we set out in 2016.”

He added: “I am proud that we have delivered this resilient performance while continuing to support our clients and customers through another year of Covid-19 related challenges.

“We recognise that the economic environment is more than usually uncertain, with rising inflation rates and tighter monetary policy, while many parts of society continue to recover from the severe social and economic effects of the Covid-19 pandemic.”