Barclays reports rise in full-year profits

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By BBC

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Barclays has reported a rise in 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.

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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.

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

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“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.

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