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Barclays: 2021 earnings beat expectations

( - Barclays has reported better-than-expected earnings on Wednesday, as the British bank benefited from its business model, which it describes as "diversified".

The company's FY 2021 taxable profit of 8.4 billion pounds was almost triple the 3 billion pounds recorded the previous year.

Return on tangible equity (RoTE) - a key banking indicator that measures an institution's ability to generate profits - reached "double-digit" levels across all business lines.

In particular, its UK retail banking subsidiary, Barclays UK, generated a RoTE of 17.6% last year, up from 3.2% in the 2020 financial year, making it the group's most profitable business.

Profits in the investment banking division reached a "record" 5.8 billion pounds, in part thanks to the strength of the investment banking and equity trading businesses.

Barclays took the opportunity to announce the departure of its chief financial officer, Tushar Morzaria, who will be replaced by his deputy Anna Cross from 22 April.

All these announcements were welcomed by investors on Wednesday morning on the London Stock Exchange, where the share rose by over 3% in early trading.

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