Shares in Barclays have leapt by 6 per cent at the open as the bank’s latest results were warmly received, despite a hit to profits from the sale of African operations and US tax reforms.

The net loss was £1.9bn, from a profit of £1.6bn in 2016.

Still, as analysts at UBS put it, there “ain’t no future in the past”. They added: “we think the market will focus on Barclays attractive valuation and improving return profile”. The Swiss bank has a buy recommendation on the stock.

Investors appear to be taking a brighter view of Britain’s banking stalwarts. Shares in Lloyds Bank also climbed on Wednesday despite the lender missing profit forecasts.

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