Barclays full-year profits almost treble to £3.2bn

Barclays half year profits fell 21%Image copyright
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Barclays has reported a jump in annual profits after making “strong progress” in restructuring.

The bank reported a profit before tax of £3.2bn for 2016, up from £1.1bn the year before.

Its reorganisation has included the sale of its Africa business.

Barclays has also been selling off other parts of the business which the bank deems “non-core”, and it said it would bring forward the closure of the unit dealing with this by six months.

Chief executive Jes Staley said the “non-core” unit would close on 30 June.

“We are now just months away from completing the restructuring of Barclays, and I am more optimistic than ever for our prospects in 2017, and beyond,” Mr Staley said.

Barclays said in 2016 its core capital ratio, a key measure of financial strength, rose to 12.4% against analysts’ expectations it would only climb to 11.8%.