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Driven by lower litigation charges, Barclays sees its profits treble

Barclays saw its profit almost treble, driven by strong trading at its credit card business and lower litigation charges.

It said annual pre-tax profit jumped to £3.2bn compared to a year ago, buoyed by its credit card business where sales leapt 21% to £4bn. Last year the group turned in a £1.1bn pre-tax profit. It added operating costs fell 12% to £16.3bn “reflecting lower litigation and conduct charges. Total conduct and litigation costs at the group plunged by 69% to £1.36bn. The retail and investment bank said that its pension protection payment (PPI) mis-selling charges also dropped sharply to £1bn, from £2.8bn a year ago.

Chief executive Jes Staley, who took the helm just over a year ago, said: “A year ago we laid out our intention to accelerate the restructuring of Barclays and refocus our business as a transatlantic, consumer, corporate and investment bank, anchored in London and New York.

“We have made strong progress against this agenda in 2016.”

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