Barclays announces profits up 92% as top bosses turn down bonuses
Barclays announces profits up 92% as top bosses turn down bonuses
Tuesday 16th February 2010
Barclays has revealed its full-year profits rose 92 per cent to £11.6 billion last year.Despite receiving no help from the government during the financial crisis, profit was increased partly from the sale of the BGI fund management arm to BlackRock.
Group chairman Marcus Agius also confirmed he would turn down his annual bonus along with chief executive John Varley and president Bob Diamond "out of consideration of the continued impact of the economic downturn on many clients, customers and shareholders, combined with the fact that banks and bankers' pay remain matters of intense public interest and concern".
This is the second successive year they have refused bonuses. However, total bonus payouts for Barclays have risen, with the bank dishing out £1.5 billion for 2009 and a further £1.2 billion over the next three years.
On the back of the results this morning, shares in the banking giant led the gains on the FTSE 100, up 6.98 per cent at 09:30 GMT.
Barclays said profits for the year to December 31st were up from £6.1 billion to £11.6 billion. Underlying profits, without the BGI profits, were £5.6 billion, up from £1.6 billion in 2008.
"Our record income performance produced a sharp increase in underlying profitability in 2009. We have strengthened our financial position considerably over the year in the areas of capital, liquidity and leverage and are well positioned to manage further changes that may be required of us by our regulators," Mr Varley said.
"I thank our customers and clients for their trust in us, and our employees for their commitment and stamina in a tough and, at times, hostile environment."
Related News
Barclays leads FTSE 100 gains following massive profit boost - 16/02/10
The FTSE 100 rose by almost one per cent in early trading on Tuesday, led by Barclays following its announcement of a massive rise in annual profits in 2009
The FTSE 100 rose by almost one per cent in early trading on Tuesday, led by Barclays following its announcement of a massive rise in annual profits in 2009
Pension gender gap continues to grow, survey finds - 16/02/10
The pension income gender gap is continuing to grow, a new study has found, with women expected to receive an average of £7,424 less than their male counterparts
The pension income gender gap is continuing to grow, a new study has found, with women expected to receive an average of £7,424 less than their male counterparts
Barclays helps drag FTSE 100 up half a per cent on Monday - 15/02/10
The FTSE 100 was up almost half a per cent (0
The FTSE 100 was up almost half a per cent (0
Further public sector job cuts predicted by leading thinktank - 15/02/10
Employment prospects in the UK are set to worsen in 2010, with one in three public sector employers planning to cut jobs, a report has forecast
Employment prospects in the UK are set to worsen in 2010, with one in three public sector employers planning to cut jobs, a report has forecast
British businesses call on next government to reduce deficit - 15/02/10
British businesses have told the government it must reduce the country's deficit as well as recommending the rise in National Insurance contributions (NICs) should be scrapped
British businesses have told the government it must reduce the country's deficit as well as recommending the rise in National Insurance contributions (NICs) should be scrapped
News Article Search
Quick Apply
News Archive