Apr 28, 2017

Barclays profits boosted by investment bank

Barclays has reported a doubling of underlying quarterly profits, excluding a big hit for selling its African unit, as its chief executive sought to shift attention away from a row over his treatment of a whistleblower. Revenues rose 16 per cent to £5.8bn, while operating costs shrank 5 per cent to £3.6bn. Barclays shares were trading down 3.6 per cent at 217.8 pence after the results on Friday morning. The underlying results are an indication that Mr Staley's decision to double down on Barclays' investment bank while selling its large African operation and slashing its dividend in half may be starting to pay off. Profits were flat at the bank's UK division, while they rose by a third at its international arm, which includes its investment bank. Barclays said the goodwill impairment on its 50 per cent stake in Barclays Africa Group Limited largely reflected the 17 per cent fall in the value of its Johannesburg-listed offshoot.

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