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Barclays posts $A5.22 billion profit

Press Association logoPress Association 23/02/2017

British banking giant Barclays has posted a hike in annual pre-tax profits to STG3.23 billion ($A5.22 billion), up from STG1.15 billion in 2015.

Jes Staley, CEO of Barclays 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."

The lender said it posted a four per cent rise in underlying pre-tax profits to STG6.4 billion for its core business - Barclays UK and Barclays International.

Staley, who has been selling down and offloading unwanted businesses to focus on US and UK operations, said the group had "accomplished a lot in a year".

He added: "We are now just months away from completing the restructuring of Barclays, and I am more optimistic than ever for our prospects in 2017, and beyond."

Barclay chairman John McFarlane said 2016 was a "pivotal year" for the bank.

In its annual report published alongside the results, the bank revealed Staley was awarded a STG4.23 million pay package for 2016.

The bank's total bonus pool edged down to STG1.53 billion from STG1.54 billion in 2015.

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