Barclays Plc (BARC) restated its profit for 2012 to include the effect of accounting rules on pensions and special-purpose entities that came into force at the start of this year.
Pretax profit in 2012 would have been 7.6 billion pounds ($11.7 billion) under those rules compared with the 7.05 billion pounds it originally published, the London-based bank said in a statement today. The bank’s core Tier 1 capital ratio was restated as 10.8 percent from 10.9 percent previously.
The IFRS 10 rule, which came into effect on Jan. 1, requires the lender to include profit from some entities that hadn’t been previously consolidated into the parent. Under IAS 19, the bank has to recognize in full any actuarial gains or losses from its so-called defined benefit pension plan, it said.
Britain’s second-largest bank by assets provided the figures as a comparison for when it reports earnings under the new rules on April 24.
To contact the reporter on this story: Gavin Finch in London at email@example.com
To contact the editor responsible for this story: Edward Evans at firstname.lastname@example.org