Barclays Swings to Profit as Restructuring Nears End
February 23 2017 - 2:59AM
Dow Jones News
By Max Colchester
LONDON-- Barclays PLC swung to a full-year net profit of GBP1.6
billion ($1.99 billion), as the bank's management said it was just
months away from finishing a restructuring of the U.K. lender.
The British bank on Thursday said total income was down 3% over
the year to GBP21.5 billion, as the bank continued to exit
businesses. However, the bottom line was helped by a surge in
revenue at Barclays's investment bank.
Corporate and Investment Bank income increased 6% to GBP10.5
billion, helped in particular by bond-trading revenue and a
favorable exchange rates. Last year the bank made a net loss of
GBP394 million.
Management have said 2017 should be the year that Barclays
normalizes after years of constant overhauls. "We are now just
months away from completing the restructuring of Barclays," Chief
Executive Jes Staley said in a statement
On the American banker's watch Barclays has pared back its
presence in Africa and Asia, and is now more focused on its U.K.
and U.S. operations.
In the latest sign of progress, the bank said it expects to
close its "noncore" unit in June this year, six months earlier than
expected, after selling down businesses from France to Egypt. The
bank said it was "on track" to deconsolidate the business from its
accounts.
Barclays also said it has agreed a GBP765 million separation
agreement with its African business, which must now be approved by
regulators.
Write to Max Colchester at max.colchester@wsj.com
(END) Dow Jones Newswires
February 23, 2017 02:44 ET (07:44 GMT)
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