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February 22, 2018

Barclays annual pre-tax profit rises 10% to £3.54bn

Barclays has reported a pre-tax profit of £3.54bn for the full year ended December 2017, an increase of 10% compared to £3.23bn reported a year ago.

The banking group posted attributable loss of £1.92bn in 2017, as against attributable profit of £1.62bn in 2016.

Net operating income dropped 2% to £18.74bn from £19.08bn a year ago, while operating expenses dipped 5% year-on-year to £15.45bn.

The bank’s UK division, which includes personal banking, card and wealth management businesses, recorded attributable profit of £853m, up 3% from £828m a year earlier.

Compared to the previous year, the division’s pre-tax profit rose 1% to £1.74bn, while total income fell 2% to £7.38bn. Operating expenses at the unit dropped 1% year-on-year to £4.85bn.

The British banking group’s International division reported attributable profit of £847m for 2017, a 65% slump from £2.41bn in 2016.

The unit includes the bank’s corporate and investment bank, and consumer, cards and payments.

The division’s pre-tax profit plummeted 22% to £3.27bn from £4.21bn last year. Operating expenses at the unit were £9.85bn, up 4% from £9.46bn last year.

Barclays CEO Jes Staley said: “2017 was a year of considerable strategic progress for Barclays. The sell down of our shareholding in Barclays Africa, closure of our Non-Core unit, the establishment of our Service Company, and the creation of our UK ring-fenced bank, mean that, in terms of size and structure, we are now the diversified Transatlantic Consumer and Wholesale bank we set out in our strategy in March 2016.”

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