Numis Securities has maintained a 'hold' rating and 274p target price for banking giant Barclays after the company's annual profits came in lighter than expectations.However, despite the bottom-line 'miss', Analyst Mike Trippitt said he was "encouraged" by the progress the company has made on its capital position and leverage. The PRA adjusted leverage ratio increased to just under 3%, from 2.2% at the half-year stage in June. 2013 adjusted profit before tax fell 32% year-on-year to £5.17bn, compared with the consensus forecast of £5.41bn and Numis' £5.39bn forecasts. Statutory profits surged to £2.87bn from £0.80bn due to a reduced own credit charge, but still came in under the broker's £3.06bn estimate.Numis explained that the weaker-than-expected bottom line was primarily attributable to operating costs which were £0.53bn higher than predicted at £18.70bn.Nevertheless, group net income fell to £28.16bn in 2013, down 4% year-on-year but ahead of Numis' £27.83bn estimate. The broker said the 'beat' was helped by a less-than-expected declines in Investment Banking and Fixed Income, Currencies and Commodities (FICC) revenues.Meanwhile, net tangible asset value per share fell to 283p, from 349p in 2012 due to the impact of the rights issue last year and decreases in the cash flow hedging reserve and currency translation reserve. This was well below the broker's 302p estimate.The stock was down 2.15% at 269.1p by 09:50 on Tuesday.BC