Full Year 2019 Barclays PLC Earnings Call Transcript
Welcome to the Barclays Full Year 2019 Results Analyst and Investor Conference Call. I will now hand you over to Jes Staley, Group Chief Executive; and Tushar Morzaria, Group Finance Director.
Good morning. 2019 was another year of progress for Barclays. We continued the positive momentum across our businesses, and this allowed us to increase returns to shareholders. We have delivered a 9% return on tangible equity, and we will pay a dividend of 9p per share, 3x the dividend level of 2017.
Our common equity Tier 1 ratio stands at 13.8%, above our target of around 13.5%. Income was up 2% on the year. We've maintained our cost discipline, reducing operating expenses to below GBP 13.6 billion. This combination meant we improved our cost:income ratio for the third consecutive year to 63%, with positive jaws across all operating businesses.
Profit before tax, excluding litigation and conduct, was GBP 6.2 billion for the year, with a profit of GBP 1.3 billion in the fourth
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