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May 29, 2017

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UK's Barclays announces big surge in annual profit

LONDON--Barclays' pre-tax profits surged last year, the British bank revealed on Monday in a surprise statement amid media speculation over its earnings.

Profit before tax hit 2.9 billion pounds (US$4.8 billion) in 2013, compared with 246 million pounds in 2012.

Barclays revealed the figures one day before its scheduled full-year results statement. It gave no reason for the early disclosure, although the Financial Times newspaper had reported similar figures.

Barclays added that its adjusted pre-tax profit slumped 26 percent to 5.2 billion pounds, the bank added in a brief statement that gave no other information.

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