British bank Barclays reported a 21 per cent rise in operating profits for the year to £3.6 billion sterling.
Irish-born Barclays chief executive Mr Matthew Barrett said the integration of mortgage lender Woolwich had gone well - to the point that the group now expected to raise £400 million sterling in cost benefits a year by 2004, as opposed to the £240 million previously forecast.
He reiterated that 1,000 jobs would be lost as a result of the deal, with near to 100 branch closures expected - the majority this year.
Another 750 jobs are to go as a result of Barclays' move in January to sell Legal & General products through its own branches.
Last year Barclays was criticised for closing 171 of its branches - many in small towns or villages.
Mr Barrett said, however, the year had seen Barclays lay the foundations for "ensuring operational excellence", and transforming itself from an old bank to a new bank.
He said that on a scale of one to 10 Barclays was only halfway there in terms of the change he wanted to see.
PA