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.”