Higher income offset credit impairment charges rising by 5 per cent to almost £2billion, mainly because of a £209million charge related to Tesco Bank's takeover and greater default levels among US credit card customers.
Barclays also saw its investment banking income expand by 7 per cent to £11.8billion as lower interest rates spurred mergers and acquisition deals.
Barclays could still be significantly impacted by the Financial Conduct Authority's probe into historical motor finance commission payments, which some analysts predict could cost UK lenders tens of billions in compensation.
The banking giant reported its pre-tax profits climbed by 24 per cent to £8.1billion in 2024, with fourth-quarter profits alone surging from just £110million last year to £1.7billion.
Barclays shares were one of the FTSE 100's worst performers on Thursday morning, falling by 5 per cent to 292.25p, although they have still more than doubled in value over the past year.
