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Barclays full-year profits almost treble to £3.2bn | Barclays full-year profits almost treble to £3.2bn |
(35 minutes later) | |
Barclays has reported a jump in annual profits after making "strong progress" in restructuring. | 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. | 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. | 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. | 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 in a statement that 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. | "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. |
Mr Staley told the BBC the bank is preparing to add hundreds of staff to offices in Dublin, Frankfurt and Milan to counter Brexit risks to its European business. | |
While he expects the majority of staff to remain in London, changes to the bank's legal structure, including making Dublin the headquarters of its European business, may be necessary. | |
Dividend boost? | |
BBC business editor Simon Jack said that a return to profit and higher levels of shock absorbing capital means Barclays hopes to increase its dividend later this year. | |
Barclays said its core capital ratio, a key measure of financial strength, rose to 12.4% in 2016 against analysts' expectations that it would only climb to 11.8%. | |
A rise in interest rates in the US and UK would boost Barclays' profit margins, but Mr Staley warned that rising inflation may begin to dent consumer confidence. |