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Barclays in £5.2bn profits haul

Barclays has revealed a profits haul of £5.2 billion for 2013 after the banking giant took the unusual step of announcing its headline figures a day early.

TRANSFORMED: Barclays Bank reported its figures a day earlier than expected, giving its shares a lift.
TRANSFORMED: Barclays Bank reported its figures a day earlier than expected, giving its shares a lift.

The stock market disclosure came after a report the bank was set to announce a one-third fall in operating profits to £5.17bn, alongside a trebling in bottom-line profits to £2.86bn, with income likely to drop to £27.9bn.

Barclays confirmed yesterday that the figures were set to be £5.2bn and £2.9bn respectively.

The bank will present its full year results as scheduled today.

The underlying profit figure of £5.2bn is slightly below the consensus forecast in the City for around £5.4bn.The drop in profits follows a year in which it added £2bn to its bill for customer mis-selling scandals and was forced to ask shareholders for £5.8bn in a rights issue after revealing a £12.8bn hole in its finances.

Chief executive Antony Jenkins will give an update tomorrow on his Project Transform programme to overhaul the bank's culture and practices.

The review was launched in the wake of the bank's £290m Libor-rigging fine and Mr Jenkins's appointment as successor to former boss Bob Diamond.

It has been reported that Barclays is planning to axe several hundred jobs at a senior level in its investment banking business as well as reduce branch numbers over the next few years.

Shares closed up 3.30p, or 1.21%, at 270p.

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