Barclays shares surged 5 percent higher Thursday morning on positive pre-tax earnings news and the announcement that it would double its dividend for 2018.
The U.K. bank's pre-tax profit rose by 10 percent to £3.54 billion ($4.92 billion) in 2017, and customer deposits increased 2 percent to £193.4 billion. Barclays also announced a restoration of its dividend to 6.5 pence per share for 2018, more than double the last year's full-year dividend of 3 pence.
This was reflected in the price of Barclays' shares, which were trading as high as 5.2 percent against the previous day in morning deals.
While pre-tax profits surpassed the 2016 figure of £3.2 billion, they fell short of analysts' averaged expectations of £4.7 billion. However, this forecast was not updated to account for the tax write-down from the U.S., according to Reuters.
Full-year 2017 net profits took a hit in part from the U.S. tax overhaul and a weaker dollar.
Barclays' net loss was £1.92 billion, part of which was a one-off £901 million charge on U.S. deferred tax assets.
Numerous banks have seen tax write-downs in the billions in their fourth quarter results due to the Republican-led tax overhaul passed in December of last year, though the losses are expected to be one-offs.