Barclays full year consensus down
May 31, 2008
Barclays bank has revised its calculation of its full year profit for the second time this month. The figure was cut by 15% initially and has now been followed by a further 8% cut.
The 2008 pre-tax profit consensus now stands at £5.876bn which is 17% lower than the 2007 figure. In a trading statement issued on the 15 May, the banks finance director Chris Lucas told analysts he was happy with the previous figure of £6.356bn.
The new consensus reflects analysts changed estimates for the banks performance and is not a profit guide for Barclays.
One banking Analyst said “Consensus is all over the place. All it shows is the uncertainty on the earnings picture for banks and their future plans.”
Analysts at Citi have predicted a 27% fall in Barclays pre-tax profit to £5.189bn this year. They also expect Barclays to announce a capital raising to boost its protection against losses.
www.barclays.co.uk
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