Barclays shares rise after bank reveals £2bn profit boost

Profits nearly treble on lower conduct costs

Barclays is one of the FTSE 100's biggest risers this morning, as the banking group announced its full-year profits had almost trebled, boosted by a reduction in payment protection insurance (PPI) costs.

Shares in Barclays opened the day up 3.4% after the group announced its profits had risen from £1.1bn in 2015 to £3.2bn this year. Much of this was the result of lower conduct costs, PPI in particular, which saw its overall bill fall from £4.4bn to £1.4bn over the year. Underlying profits for Barclays - not including one-off items - were up by £200m to £6.4bn, despite profits falling back slightly in both UK and international divisions. The bank also announced its intention to close its non-core division on 30 June, six months earlier than originally planned, and has made an agreem...