Below is a round-up of various analysts' reactions to Barclays' full-year figures:Richard Hunter, Head of Equities at Hargreaves Lansdown StockbrokersHunter pointed out how multiple factors contributed to the drop in profits, highlighting the hit taken by investment banking income due the poor results in its fixed income business. The return on equity (RoE) halved, with last year's rights issue being a major contributor, he further explained. In regards to the rise in "operating expenses" he added that "it remains unclear whether there are yet more to come". On a more positive vein, the capital cushion is now looking robust, the credit impairment position has improved further, the bank continues to pay a dividend and certain pockets of the business such as UK Retail made a robust contribution, Hunter wrote. Gar Greenwood, Shore CapitalGreenwood called attention to the fact that the lender achieved its 'leverage' ratio early. Looking at the balance sheet, tangible net asset value (tNAV) per share, at 283p, was lower than the 296p he had expected, due to a "£440m write-down of deferred tax assets in Spain and negative movements through reserves, including that related to FX movements". Greenwood also explained that the new capital ratio targets were less onerous than some commentators may have feared, but noted scope for disappointment over the lack of revised cost targets despite weaker future income expectations at the investment bank owing to the planned reduction in leverage exposure. "[...] on balance we think that management is taking the right approach to improving capital efficiency and that this will ultimately be rewarded with a higher valuation multiple," Greenwood concluded. Gareth Hunt, Canaccord Genuity"At 0.7 times price-to-book value (P/BV) BARC is not optically expensive. And, as we have seen with other banks, notably Lloyds and HSBC, the market is prepared to rally stocks to trade at a premium to book before RoE exceeds 10% if confidence in the restructuring process grows. We would argue that confidence in future returns is likely to remain lower for BARC given the lack of visibility around steady state FICC income and broader issues with BARC disclosure -- HSBC, for example, gives excellent detail around its run off legacy investment bank credit positions."Paul Kavanagh, Killik"Good progress was made on the balance sheet. Overall, we continue to be 'neutral' on the story; while the stock looks relatively cheap, revenue will remain under pressure as the balance sheet is shrunk and there is still significant regulatory risk."AB