Barclays profit rises in 4th quarter, beating estimates

The U.K. bank, which also said that it intends to launch a share buyback program of up to 1 billion pounds ($1.36 billion), posted a pretax profit for the period of GBP1.47 billion compared with GBP646 million a year earlier. Pretax profit was expected to reach GBP1.17 billion, according to the lender’s compiled consensus.

The bank said Tushar Morzaria will retire from the role of finance director and as an executive director of Barclays from April 22. Ms. Cross, who is currently the bank’s deputy group finance director, will take over the following day.

The FTSE 100 listed bank’s net profit rose to GBP1.12 billion from GBP220 million for the year-earlier period. It was expected to close the quarter with a net profit of GBP643 million, taken from Barclays’s compiled forecasts.

Total operating expenses stood at GBP3.73 billion, below market views of total costs of GBP3.80 billion and up from costs of GBP3.45…

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