Barclays announces £1.39bn net profit as UK branch network shrinks further

Barclays PLC has returned to profit in what its CEO called “a very significant period” for the banking group.

The company generated a pre-tax profit of £3.49bn in 2018, just marginally down on the £3.54bn reported the year previous.

Similarly, total revenues for the 12 months came in at £21.14bn, compared with £21.08bn in 2017, while total operating expenses rose by 5% or £787m to hit £16.24bn.

But the firm’s net profit for last year was £1.39bn. By comparison, Barclays made a net loss of £1.92bn in 2017.

Of the £21.14bn income recorded, £7.38bn came from Barclays’ UK operation, which saw its total number of branches slip from 1,208 to 1,058 between the end of 2017 and end of last year.

In a statement released with the results this morning, group chief exec James E Staley said: “2018 represented a very significant period for Barclays.

“In the course of the year, having resolved major legacy issues and reduced the drag from low returning businesses, we started to see the earnings potential of the bank, as the strategy we have implemented began to deliver.”

He added: “This was evident in the improved performance across the group compared to 2017.”

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