Barclays posts 182% hike in pre-tax profits to £3.23 billion

Credit: PA

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."