Banking giant Barclays hailed a "strong set of results" today, with a nine per cent rise in pre-tax profits for last year.

The company said its performance - a pre-tax profit of £3.61 billion - reflected the benefits of having a diversified business, although charges for bad or doubtful debt had risen 35 per cent to £1.15 billion.

Chief executive Matthew Barrett said he was "cautiously optimistic" about prospects, adding: "We feel good about 2001 and are in good shape going into 2002."

Barclays' operating income rose 11 per cent to £11.36 billion, while operating profit lifted 10 per cent to £4.13 billion.

His statement also outlined plans to expand Barclays outside the UK, with continental Europe becoming more of a focus.

Barclays employs around 78,000 staff and has more than 2,000 UK branches.