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Barclays sees annual profits nearly treble to £3.2bn

Barclays (LSE: BARC.L - news) has reported a 182% rise in annual profits for 2016 to £3.2bn.

The bank saw a sharp fall in litigation and conduct costs for the year from £4.4bn in 2015 to £1.4bn last year - most of that accounted for by the payment protection insurance (PPI) mis-selling scandal that has affected the wider sector.

However, the prospect of US action over its sale of mortgage-backed financial products in the run-up financial crisis still hangs over the bank, after a Department of Justice civil case was filed in December.

Chief (Taiwan OTC: 3345.TWO - news) executive Jes Staley said: "Certain legacy conduct issues remain and we intend to make further progress on them."

Mr Staley, who took charge just over a year ago following the departure of predecessor Antony Jenkins, said overall the bank had made "strong progress".

He said: "We are now just months away from completing the restructuring of Barclays, and I am more optimistic than ever for our prospects in 2017, and beyond."

Shares (Berlin: DI6.BE - news) climbed 3%.

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