Barclays reported worse-than-expected net profits for 2016, but posted a surprise uptick in its capital buffers as the U.K.-based bank nears the end of a major restructuring program.
Its attributable profit came in at £1.62 billion ($2.02 billion) on Thursday, which was better than the loss reported for 2015, but below the £1.97 billion expected by analysts in a poll conducted by Dow Jones.
However, statutory group profit before tax for 2016 came in at £3.2 billion ($3.9 billion), beating analyst expectations and almost trebling the £1.15 billion seen in 2015 . This came as the lender pledged to close its non-core unit six months ahead of schedule and announced it had agreed separation terms with local management in Africa. Shares of the bank climbed around 2 percent in early deals on Thursday morning.
Ahead of the bank's closure of its non-core unit in June this year, Jes Staley, the group chief executive officer at Barclays, told CNBC Thursday, "It is great to be months away from being the stand-up bank that we want to be."
Capital ratio boost