Barclays posts huge profits for 2016 on asset sell off

Barclays

Barclays plc, the six largest bank in the United Kingdom with interest in Southern Africa said its full year income fell by 3% on a year on year basis.

Headline income fell to GBP21,4 billion compared to GBP22 billion in 2016.

Barclays is also grappling with rising bad debts as credit impairment charges and other provisions rose by 35% on a year on year basis.

The banking group however made a huge profit from its sale of assets. Full year profit after tax was GBP3.2 billion for 2016 compared GBP1.1 billion last year

Company Information

Barclays is a British multinational banking and financial services company headquartered in London. It is a universal bank with operations in retail, wholesale and investment banking, as well as wealth management, mortgage lending and credit cards. It has operations in over 50 countries and territories and has around 48 million customers.

Barclays is organized into four core business: Personal & Corporate (Personal Banking, Corporate Banking, Wealth & Investment Management), Barclaycard, Investment Banking and Africa.

Barclays traces its origins to a goldsmith banking business established in the City of London in 1690. James Barclay became a partner in the business in 1736. In 1896 several banks in London and the English provinces, including Backhouse’s Bank and Gurney’s Bank, united as a joint-stock bank under the name Barclays and Co.

Over the following decades Barclays expanded to become a nationwide bank. In 1967, Barclays deployed the world’s first cash dispenser. Barclays has made numerous corporate acquisitions, including of London, Provincial and South Western Bank in 1918, British Linen Bank in 1919, Mercantile Credit in 1975, the Woolwich in 2000 and the North American operations of Lehman Brothers in 2008.

They have more than 325 years of history and expertise in banking. From our beginnings in Lombard Street, London through to the launch of the world’s first ATM and innovative mobile phone payments services, find out more about our achievements to date.