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Creditfix LB 03-2017

Barclays Credit Card Debt Write Off

Barclays UK wrote off ?683 million in credit card debt during 2016. This is a 40 per cent increase when compared to 2015 when the bank wrote off only ?488 million.

The UK bank also wrote off ?183 million in personal banking debts during the full year, marking a slight decrease of six per cent from the 2015 figure of ?194 million.

Despite the rise in credit card debt allowance written off that was released in the full year results statement, the bank managed to increase pre-tax profit by a massive 197 per cent, rising from ?585 million in 2015 to ?1.7 billion last year.

Barclays’ UK litigation and conduct costs were way down year-on-year between 2015 and 2016, decreasing from ?2.5 billion to ?1 billion to help the pre-tax profit for the bank surge.

The annual results also showed that Barclays lent out around ?19 billion to consumers in 2016 in mortgage funds.

Commenting on the results, group chief executive officer of Barclays, James Staley, said: ‘We are now just months away from completing the restructuring of Barclays and I am more optimistic than ever for our prospects in 2017 and beyond.’

Mr Staley also backed London to remain Europe’s pre-eminent financial centre even after Britain leaves the EU.

Speaking to Sky News, he said: ‘It is very difficult to replicate, in any period of time, the overall ecosystem that you find in London. From mutual funds, to pension funds, to insurance companies, to hedge funds. So much of their capital is managed through a presence in the United Kingdom.’

He continued: ‘The legal architecture around financial markets that you find in the UK, it’s just very hard to move that in any period of time. Then it’s just a belief I have that the users of capital will find the providers. Fundamentally, Europe will not cut itself off from the capital that’s available in the United Kingdom.’

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