Barclays Swings Back Into The Black With Attributable Profit For 2016

Tom Burroughes Group Editor London 23 February 2017

Barclays Swings Back Into The Black With Attributable Profit For 2016

The UK-listed lender reported an attributable profit for 2016, coming back from a loss a year before.

UK-listed Barclays today reported a profit attributable to shareholders for 2016 of £1.623 billion ($2.02 billion), versus a comparable loss of £394 million in 2015.

Total income last year was £21.451 billion, a 3 per cent year-on-year decline.

The bank, which no longer provides specific results for its wealth and investment management segment, did, however, give figures for its wealth, entrepreneurs and business banking segment as part of its Barclays UK operation. This segment reported income of £1.604 billion for 2016, a 3 per cent year-on-year increase, it said in a statement.

Last year, the bank sold its Hong Kong and Singapore private banking businesses to OCBC for $227.5 million. Barclays is cutting back on banking in Africa and has shrunk other parts of its international presence to focus more on its domestic business, cut costs and improve profit margins.

In Africa, for example, Barclays has cut its ownership of Barclays Africa with an initial sale of a 12.2 per cent stake in May last year, and in the fourth quarter it agreed with local management and submitted to regulators proposed separation arrangements for Barclays Africa.


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