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Barclays has reported a 182% increase in annual pre-tax profits to £3.23 billion, up from £1.15 billion in 2015.
The banking giant's boss, Jes Staley said Barclays is "just months away" from completing an overhaul as he unveiled the surge in annual profits.
The bank also reported a four per cent rise in underlying pre-tax profits to £6.4 billion for its core business - Barclays UK and Barclays International.
Mr 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."
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Barclays has set aside an extra £600 million to meet compensations claims for the mis-selling of payment protection insurance (PPI) in the third quarter.
The sum brings the total provision over the past two quarters alone to £1 billion, after £400 million was set aside in the second quarter.
The banking industry's PPI bill already stands at more than £30 billion.
Chief executive Jes Staley said the bank is still focused on selling down and disposing its hinterland businesses to concentrate on UK and US operations.
"The growing momentum in attaining our strategic goals means we can feel optimistic of our prospects of completing the restructuring," he added.
On Wednesday, Lloyds Banking Group announced that it set aside a further £1 billion to fund compensation claims for the mis-selling of PPI.
The partly state-owned lender said it has also accounted for a further £150 million to meet other conduct issues, including £100 million relating to packaged bank accounts.
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Barclays has reported a 25% fall in first quarter pre-tax profits to £793 million, down from £1.1 billion a year earlier.
The banking giant has been hit by tough trading in its investment banking arm.
Barclays also announced talks with AnaCap Financial Partners to sell its 74-branch business in France as boss Jess Staley continues to overhaul the lender.