Barclays reports profit rise for 2016 as it nears completion of major restructuring

by Dramelin 12:00 AM 0 comments

Barclays reported worse-than-expected net profits for 2016 as the U.
K.
-based bank nears the end of a major restructuring program.
However, statutory group profit before tax for 2016 was ?3.
2 billion ($3.
9 billion), beating analysts expectations.
This came as the lender pledged to close its non-core unit six months ahead of schedule and announced it had agreed separation terms with local management in Africa.
Its attributable profit came in at ?1.
62 billion ($2.
02 billion) on Thursday, which was better than the loss reported for 2015, but below the ?1.
97 billion expected by analysts in a poll conducted by Dow Jones.
Ahead of the bank`s closure of its non-core unit in June this year, Jes Staley, the group chief executive officer at Barclays, told CNBC Thursday, "It is great to be months away from being the stand-up bank that we want to be.