Barclays targets turnaround after tough year

Yesterday, the country’s second biggest bank by balance sheet unveiled a sombre set of full year 2013 results indicating a 34% drop in after-tax profits to P295.8 million. Net interest income was five percent lower at P1.15 billion, while operating expenses were 10% higher on administrative costs and depreciation.

Impairments jumped 58% to P198 million on methodology changes described by executives as “catching up to provisions” as well as debt stress among the households, who anchor the flagship retail sector.