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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. | 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. |
Dividend boost? | Dividend boost? |
Mr Staley told the BBC the bank was 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. | |
BBC business editor Simon Jack said that a return to profit and higher levels of shock absorbing capital meant Barclays hoped 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, which was better than analysts' expectations of 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. | 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. |
Africa business | |
Meanwhile, Barclays has agreed to pay Barclays Africa 12.8 billion rand (£790m) to fund investments required to separate it from its African unit, Barclays Africa said. | |
The separation agreement will let Barclays reduce its stake in the Africa business to below 50% as part of a strategy to focus on the US and the UK. | |
Barclays Africa said the money would be used to invest in technology, rebranding and other projects related to the separation. |