British banking group Barclays has posted attributable profit of £1.6bn for the year 31 ended December 2016, compared to a loss of £394m in the previous year.
The banking group’s annual pre-tax profit surged to £3.23bn from £1.14bn a year ago.
Net operating income dropped 6% to £19.08bn from £20.28bn in the last year. Total operating expenses increased 12% year-on-year to £16.34bn.
Barclays UK – the division that includes the bank's personal banking, card and wealth management businesses in UK – reported attributable income of £828m in 2016, compared to a loss of £47m in 2015.
The division’s pre-tax profit jumped to £1.74bn from £585m a year ago, while total income increased 2% year-on-year to £7.51bn.
The division’s total operating expenses stood at £4.88bn, a surge of 19% compared with £6.05bn in the previous year.
Barclays International division posted attributable profit of £2.41bn for the year ended 31 December 2016, a surge of 37% from £1.76bn a year ago. The unit includes the bank's corporate and investment bank, and consumer, cards and payments.
Compared to the prior year, the unit’s pre-tax profit jumped 28% to £4.21bn and total income increased 9% to £14.99bn. Total operating expenses at the division dropped 1% year-on-year to £9.46bn.
Barclays CEO Jes Staley 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. Our Core businesses, Barclays UK and Barclays International, are doing well, with profit before tax excluding notable items up 4% to £6.4bn.”